FINANCE LEADER OF USA
                     FINANCE LEADER OF USA
NOAH ZATZKIN
INTRODUCTION
 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.
 Given a greater-than-expected contribution from new partnerships next year, he raised 
his FY23 adjusted EBITDA forecast and cut his price target.
REFERENCE LINKS
 https://www.tipranks.com/experts/analysts/noah-zatzkin
 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-time
s-according-to-one-analyst-51658419146