Farfetch Limited (FTCH) shares tumble as Citi cuts target to Street low

StreetInsider2023-03-24

Farfetch Limited (NYSE: FTCH) shares dropped more than 7% Friday after Citi analyst Catherine O'Neill cut the firm's price target on the stock to a Street low $4 per share, reiterating a Sell rating....

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For the first quarter, they \"expect GMV decline (-3%), with easier comps and new contracts expected from Q2.\"\"We're -2.6pp below consensus on Gross Margin, but in-line on EBITDA (1Q23e: -$33m). For 2023, we forecast GMV just shy of FTCH's $4.9bn target (FY23e: $4.82bn) but EBITDA in-line with 1-3% margin guide (FY23e: 1.2%),\" said O'Neill.For the full-year 2023, Citi forecasts 19% GMV growth to $4.82bn for Farfetch, largely from new contract additions. \"We expect Adj. EBITDA of $28m, being a margin of 1.2% (guide: 1-3%) driven by negligible Gross Margin expansion (+40bps YoY) but rather SG&A efficiencies. 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