UPDATE: KeyBanc Starts Rent the Runway Inc (RENT) at Overweight
- Wall Street mixed; Dow pressured by selloff in Salesforce shares
- S&P 500 to re-test lows in H1 and then rally to 4200 on Fed pivot signal - JPMorgan
- Salesforce (CRM) drops after soft results, MS sees attractive valuation
- Snowflake (SNOW) falls as macro headwinds drag on guidance, analysts remain upbeat
- Piper Sandler says Apple (AAPL) likely lost 9M iPhone 14 units, cuts revenue estimates
KeyBanc analyst Edward Yruma initiates coverage on Rent the Runway Inc (NASDAQ: RENT) with a Overweight rating and a price target of $21.00.
The analyst comments "Rent the Runway’s logistics network, brand relationships, and personalization technology give it a leadership position within the growing apparel rental market. We believe that we are in the early innings of the rental market, driven by consumers’ heretofore paradoxical goals of having something always new to wear and to have more sustainable apparel. Our Key First Look Data points to NT subscriber momentum. New inventory models have lowered capital intensity and will drive a more profitable LT model. At 8.2x 2023E EV/ gross profit, we find valuation compelling and establish a $21 price target."
Shares of Rent the Runway Inc closed at $16.20 yesterday.
You May Also Be Interested In
- Cowen Starts scPharmaceuticals (SCPH) at Outperform
- BofA Securities Downgrades Saia Inc. (SAIA) to Underperform on Deteriorating Demand
- Redburn Starts Palo Alto Networks (PANW) at Buy
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!