Stifel Starts PLBY Group, Inc. (PLBY) at Buy
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(Updated - June 24, 2021 1:54 AM EDT)
Stifel analyst Jim Duffy initiates coverage on PLBY Group, Inc. (NASDAQ: PLBY) with a Buy rating and a price target of $52.00.
The analyst comments "We are initiating coverage of PLBY Group (PLBY) with a Buy rating and 12-month target price of $52 per share. Our recommendation takes a long-term view of multi-year opportunities and contemplates two avenues of plausible upside optionality that represent more than 100% upside to the current share price ($13 per share from U.S. streetwear and $35 per share from conversion to a JV in China). With opportunities for significant value creation and management commitment to invest for the big picture, we believe a long-term view is appropriate. In the near term, our estimates for EBITDA are more subdued than consensus projections due to higher expectations for SG&A investment. We note, proceeds from NFT’s (not in our model) can subsidize these growth investments and, with new balance sheet capacity, we expect acquisitions can take both revenue and EBITDA estimates higher."
Shares of PLBY Group, Inc. closed at $37.08 yesterday.
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