Farfetch Ltd (FTCH) received a Buy rating and a $34 price target from Oppenheimer analyst Jason Helfstein today. The company’s shares closed on Friday at $27.73.
Helfstein commented:
“Initiating coverage of Outperform rating and a 12- to 18-month price target of $34. With 3% market share, we believe that Farfetch’s marketplace has the potential to disrupt the luxury fashion industry, which has historically lagged in technology adoption, with Millennials and Gen Z consumers becoming a larger percentage of the workforce. Farfetch provides significant, growing reach to retailers and brands, helping to solve inventory management, complex cross-border sales and shipping. Most important, Farfetch lets retailers and brands control listings, allowing them to maintain consumer perception—highly sensitive in the luxury retail industry— and offers brands the opportunity to capture margin previously obtained by retailers (80% higher). Our $34 PT implies 8.8x 2020E sales.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 18.0% and a 63.0% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and Spotify Technology SA.
Farfetch Ltd has an analyst consensus of Strong Buy, with a price target consensus of $32.50, a 17.2% upside from current levels. In a report issued on March 1, Goldman Sachs also upgraded the stock to Buy with a $40 price target.
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The company has a one-year high of $32.40 and a one-year low of $15.99. Currently, Farfetch Ltd has an average volume of 1.16M.
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Farfetch Ltd. engages in the provision of technology platform for the luxury fashion industry. It operates through the following segments: Farfetch Marketplace, Farfetch Black and White, Farfetch Store of the Future, and Browns stores. The Farfetch Marketplace runs Farfetch.com website and app.
