KeyCorp Lowers Farfetch (NYSE:FTCH) Price Target to $20.00

Farfetch (NYSE:FTCH) had its target price cut by stock analysts at KeyCorp from $27.00 to $20.00 in a note issued to investors on Friday, The Fly reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 106.83% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Wells Fargo & Co set a $17.00 price target on Farfetch and gave the company a “buy” rating in a report on Friday, August 9th. Goldman Sachs Group reaffirmed a “buy” rating and issued a $21.40 price target (down from $37.00) on shares of Farfetch in a report on Monday, November 4th. Sanford C. Bernstein downgraded Farfetch from a “market perform” rating to an “underperform” rating in a report on Wednesday. Oppenheimer lowered their price target on Farfetch from $32.00 to $25.00 in a report on Wednesday, August 14th. Finally, Credit Suisse Group set a $22.00 price target on Farfetch and gave the company a “buy” rating in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. Farfetch presently has a consensus rating of “Buy” and an average target price of $21.12.

Shares of FTCH opened at $9.67 on Friday. The stock has a 50 day moving average price of $8.36 and a 200 day moving average price of $15.48. The company has a quick ratio of 2.91, a current ratio of 3.19 and a debt-to-equity ratio of 0.08. Farfetch has a 52-week low of $7.43 and a 52-week high of $31.60.

Farfetch (NYSE:FTCH) last announced its quarterly earnings results on Thursday, November 14th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.37) by $0.09. The firm had revenue of $255.50 million during the quarter, compared to the consensus estimate of $248.31 million. Farfetch had a negative return on equity of 27.01% and a negative net margin of 35.84%. The firm’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.30) earnings per share. Research analysts anticipate that Farfetch will post -1.27 EPS for the current year.

Several hedge funds have recently bought and sold shares of the company. Glynn Capital Management LLC boosted its holdings in shares of Farfetch by 146.1% in the third quarter. Glynn Capital Management LLC now owns 2,214,726 shares of the company’s stock valued at $19,135,000 after acquiring an additional 1,314,726 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Farfetch by 92.0% in the third quarter. Russell Investments Group Ltd. now owns 952,153 shares of the company’s stock valued at $8,198,000 after acquiring an additional 456,172 shares during the period. Comerica Bank acquired a new stake in shares of Farfetch in the third quarter valued at approximately $104,000. California Public Employees Retirement System boosted its holdings in shares of Farfetch by 602.3% in the third quarter. California Public Employees Retirement System now owns 210,000 shares of the company’s stock valued at $1,814,000 after acquiring an additional 180,100 shares during the period. Finally, Dupont Capital Management Corp boosted its holdings in shares of Farfetch by 23.2% in the third quarter. Dupont Capital Management Corp now owns 22,177 shares of the company’s stock valued at $192,000 after acquiring an additional 4,181 shares during the period. 66.54% of the stock is owned by institutional investors and hedge funds.

Farfetch Company Profile

Farfetch Ltd. engages in the retail of fashion and luxury goods. It offers womenswear, menswear, kidswear, vintage, fine watches, and fine jewelry. The company was founded by José Manuel Ferreira Neves in 2007 and launched in 2008 and is headquartered in London, the United Kingdom.

Featured Story: Capital Gains

The Fly

Analyst Recommendations for Farfetch (NYSE:FTCH)

Receive News & Ratings for Farfetch Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Farfetch and related companies with MarketBeat.com's FREE daily email newsletter.