FTCH Provided further clarity around FY23 guidance
                     FTCH Provided further 
clarity around FY23 
guidance, and looked 
forward to FY25 - Noah 
Zatzkin
WEBSITE :- 
https://www.tipranks.com/experts/analysts/noah-zatzkin
 KeyBanc analyst Noah Zatzkin reiterated Overweight on Farfetch 
Limited (NYSE: FTCH) with a $13 price target. Zatzkin came away from 
FTCH's Capital Markets Day feeling the same about the company's long-term 
opportunity.
 As expected, FTCH provided additional detail around the economics of FPS vs. 
marketplace, provided further clarity around FY23 guidance, and looked 
forward to FY25.
 While Zatzkin thinks management could have arguably more clearly laid out 
the timing and financial impact of the individual deals through 2025 (including 
2024), he believes the additional detail provided did add clarity and, in 
general, was encouraged by additional disclosure during Capital Markets Day.
 Zatzkin writes the valuation is compelling given FTCH's unique positioning in 
the luxury ecosystem and LT growth and profitability opportunity.
 JP Morgan analyst Doug Anmuth had an Overweight with a $15 price target.
 FTCH's Capital Markets Day was mixed as the company laid out a compelling 
case for its leading global luxury industry platform. Still, its financial outlook 
through 2025 fell short of some expectations for both GMV and EBITDA.
 On the platform, FTCH provided much-needed transparency across 
Marketplaces, Platform Solutions (FPS), and Brand Platform. FTCH's 3-year 
outlook through 2025 for $10 billion of GMV and 10% EBITDA margin is below 
some expectations, but he believes it is achievable.
 Anmuth said the 35% sell-off yesterday is overdone and creates an attractive 
entry point.
 Wedbush analyst Tom Nikic had a Neutral rating and cut the price target to 
$6.00 (from $8.50). FTCH hosted their long-delayed Investor Day, giving 
incremental details about their highly-complex business while providing initial 
FY23 guidance and a 3-year outlook for FY25.
 While buy-side expectations were tough to gauge, it seems clear that the 
outlook disappointed, as shares traded down 35% on the day. While the 
outlook was not as robust as expected, he could see a partial recovery in the 
shares.
 While buy-side expectations were tough to gauge, it seems clear 
that the outlook disappointed, as shares traded down 35% on the 
day. While the outlook was not as robust as expected, he could see 
a partial recovery in the shares.
 Given a greater-than-expected contribution from new partnerships 
next year, he raised his FY23 adjusted EBITDA forecast and cut his 
price target.
 Price Action: FTCH shares traded higher by 4.17% at $5.75 on the 
last check Friday.
REFERENCE LINKS :- 
 https://www.benzinga.com/topic/noah-zatzkin
 https://
www.tipranks.com/news/article/heres-why-nordstrom-stock-nysejwn-might-be-in-troubl
e
 https://www.wallstreetzen.com/analysts/noah-zatzkin
 https://investor.therealreal.com/financial-information/analyst-coverage
 https://www.yahoo.com/now/farfetch-likely-see-recovery-upside-192729349.html
 https://
www.barrons.com/articles/these-4-retail-stocks-are-a-good-bet-for-tougher-times-accor
ding-to-one-analyst-51658419146
 https://www.barrons.com/articles/farfetch-stock-earnings-51661525024
 https://www.thestreet.com/markets/lululemon-stock-slides-as-holiday-forecast-clouds-q
3-earnings-beat