What To Know About Piper Sandler's Downgrade of Rent the Runway
Portfolio Pulse from Benzinga Insights
Piper Sandler has downgraded Rent the Runway (NASDAQ:RENT) from its previous rating to Neutral, with a new price target of $0.75, down from $2.00. Despite the downgrade, RENT shares have risen 5.48% in the last 24 hours to $0.56. The new price target suggests a potential upside of 33.93% from the current share price. Rent the Runway operates an e-commerce platform for renting, subscribing to, or buying designer apparel and accessories.
January 17, 2024 | 5:00 pm
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NEUTRAL IMPACT
Piper Sandler downgraded Rent the Runway to Neutral and reduced the price target from $2.00 to $0.75. Despite the downgrade, RENT's stock price has increased by 5.48% to $0.56, and the new target indicates a potential rise of 33.93%.
While the downgrade to Neutral typically suggests a lack of strong positive sentiment from Piper Sandler, the significant increase in RENT's share price following the news indicates a mixed market reaction. The new price target still suggests a potential upside, which may prevent a negative impact on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100