Redbubble Looks to Be Moving in the Right Direction -- Market Talk

Dow Jones2023-10-13

0343 GMT - Redbubble's positive 1Q underlying cashflow shows the online art marketplace moving in the right direction despite a softer revenue environment, Morgans analyst Steven Sassine says in a note to clients. He is pleased to see the Australia-listed company's cost-out initiatives and marketing-spend optimization helping mitigate the impact of challenging conditions including elevated inflation, higher interest rates and lower consumer demand. He nonetheless is waiting on more evidence before becoming more positive on the stock and trims its target price 2.7% to A$0.71 citing a softer revenue outlook. Morgans maintains a hold rating on the stock, which is down 3.3% at A$0.58. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 12, 2023 23:43 ET (03:43 GMT)

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He nonetheless is waiting on more evidence before becoming more positive on the stock and trims its target price 2.7% to A$0.71 citing a softer revenue outlook. Morgans maintains a hold rating on the stock, which is down 3.3% at A$0.58. 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