UPDATE: Loop Capital Downgrades BlueCity (BLCT) to Hold, PT to $7 from $15
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(Updated - June 22, 2021 6:06 AM EDT)
Loop Capital analyst Laura Champine downgraded BlueCity (NASDAQ: BLCT) from Buy to Hold with a price target of $7.00 (from $15.00).
The analyst comments "We model annual top-line growth of just below 30% for the next five years. We still see BlueCity as uniquely positioned as the largest social and dating platform for the gay community in China, Thailand, Korea, and Vietnam. The company’s recent acquistion of Finka, a social-networking app that attracts a younger audience than Blued, seems to have coincided with a change in tone on the gross margin outlook. We think BLCT is paying a larger cut to performers than we had expected in our prior model. We find BLCT’s stock price at 1x EV/sales based on our 2022 estimate fair given the evolving model and changes to management."
Shares of BlueCity closed at $6.88 yesterday.
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