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Farfetch selloff on financial outlook overdone, says JPMorgan
JPMorgan analyst Doug Anmuth says Farfetch's capital markets day "was mixed" as the company laid out a "compelling case" for its leading global luxury industry platform, but its financial outlook through 2025 fell short of some expectations for both gross merchandise volume and EBITDA. The company's three-year outlook through 2025 for $10B of GMV and 10% EBITDA margin is below some expectations, but is "very achievable," Anmuth tells investors in a research note. He believes the 35% selloff yesterday is overdone and creates an attractive entry point. Anmuth has an Overweight rating on Farfetch with a $15 price target