Evercore ISI analyst Michael Binetti raised the price target on Revolve Group (NYSE: RVLV) to $20.00 (from $17.00) while maintaining a In Line rating.

The analyst comments "Macro vs Micro as RVLV Heads in to Peak Season Better Positioned vs Recent Years: While RVLV is much better positioned than it has been in several years (inventories finally clean heading into the important summer/festival season, especially owned brands & dresses), broader sluggish demand signals from consumers could weigh on demand in the NT. Similarweb ecommerce traffic data accelerated +11pp YOY in 1Q24 vs. 4Q23, and that’s despite a much smaller position at Coachella (RVLV’s largest marketing event historically). Revolve Fest scaled back to only one day this year vs. a two-day event in years prior with less than a quarter of guests invited vs. the event’s peak. Our model and Consensus conservatively forecast revenues decelerating on both a 1-year and 2-year stacked basis in 1Q (with easy compares in 2Q as well), which should offer some EPS cushion if industry trends remain sluggish in the NT."