Option Millionaires

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FTCH

JPMorgan cuts Farfetch target but says business is undervalued
JPMorgan analyst Doug Anmuth lowered the firm's price target on Farfetch to $30 from $35 and keeps an Overweight rating on the shares after meeting with management. The analyst remains positive on the shares and continues to believe the company is in a much stronger position today relative to two years ago. With that said, Anmuth acknowledges that Farfetch is currently navigating headwinds related to the external macro and geopolitical landscape. Following the company's recent disclosure that Russia contributed 6% to 2021 gross merchandise volume, he reduced estimates and assumes the region remains shut down for the remainder of 2022. Nonetheless, Anmuth remains positive on Farfetch's long-term opportunity and continues to believe the business is undervalued.