Farfetch Downgraded To Sector Weight: Analyst Cites Diminished Confidence In Profitability Timeline
Portfolio Pulse from Nabaparna Bhattacharya
KeyBanc Capital Markets analyst Noah Zatzkin has downgraded Farfetch Limited (FTCH) to Sector Weight from Overweight due to decreased confidence in the company's execution and timeline to profitability. This follows FTCH's softer 2Q results and lowered guidance amid a challenging environment. The analyst also lowered the FY23 and FY24 revenue estimates for FTCH.
August 18, 2023 | 7:41 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Farfetch Limited (FTCH) has been downgraded by KeyBanc Capital Markets due to decreased confidence in the company's profitability timeline. The company's FY23 and FY24 revenue estimates have also been lowered.
The downgrade by KeyBanc Capital Markets is based on decreased confidence in FTCH's execution and timeline to profitability. This, coupled with the company's softer 2Q results and lowered guidance, is likely to negatively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100