Stitch Fix, Inc. (SFIX) PT Raised to $33 at Baird

Baird analyst Mark Altschwager raised the price target on Stitch Fix, Inc. (NASDAQ: SFIX) to $33.00 (from $28.00) while maintaining an Outperform rating following results.

The analyst commented, "SFIX delivered FQ1 adjusted-EBITDA ahead ofexpectations fueled by healthy top-line momentum (active client growth slightly aboveconsensus) and better-than-expected margins. Results reinforce our positive viewof the business and we see significant whitespace ahead as the company investsin new categories, new geographies, and new ways to shop (direct buy initiativesshowing promise). Results and updated EBITDA guidance (+5% revision) increaseour confidence that management can deliver margin expansion in the years ahead –supportive of a higher valuation multiple."

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