Poshmark (POSH) PT Lowered to $58 at Stifel After Offerting Weak Guidance
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Rating Summary:
2 Buy, 12 Hold, 0 Sell
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Stifel analyst Scott Devitt lowered the price target on Poshmark (NASDAQ: POSH) to $58.00 (from $65.00) after the company reported results that modestly ahead of expectations. GMV advanced 28% y/y in the quarter, ahead of the Street’s 24% estimate while adj. EBITDA of $4.2mm topped consensus expectations of $2.1mm. The company provided 1Q:21 revenue guidance (+32-36% y/y growth) that was below consensus expectations of 39%. Adj. EBITDA guidance was also below expectations.
The analyst stated "Poshmark had a nice start in its first public quarter. Capacity constraints at USPS caused delays which led to cancellations during the holiday season. In February, inclement weather in parts of the country impacted sales trends. As the economy recovers from the pandemic near term visibility remains limited. We are reducing our 1Q revenue and margin estimates. Our estimates for the balance of year are
largely unchanged."
while maintaining a Hold rating.
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