JP Morgan has decided to maintain its Overweight rating of Farfetch FTCH and lower its price target from $20.00 to $16.00.
Shares of Farfetch are trading down 4.45% over the last 24 hours, at $7.52 per share.
A move to $16.00 would account for a 112.77% increase from the current share price.
Farfetch is an online platform connecting sellers and buyers of personal luxury goods. It was founded in 2008. The company partners with over 1,000 luxury goods sellers to offer their inventory on the platform. When making the retailers' stock available to almost a million active customers, the company charges a cut of around 30% (third-party take rate). Geographically, Europe, the Middle East, and Africa account for 37% of the company's sales, the Asia-Pacific 36%, and the Americas 27%. The company operates digital marketplace platform Farfetch, Browns stores and acquired branded company New Guard Group.
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