Read Why JMP Securities Lowered Price Target On Rover Group

by Shivani Kumaresan, Benzinga Staff Writer

March 8, 2022 7:47 AM | 1 min read | Make a Comment

JMP Securities analyst Ronald Josey lowered the price target on Rover Group Inc ROVR to $11 (131% upside) from $15 and kept an Outperform rating on the shares post Q4 results.
The analyst stated that omicron has increased cancellation rates in Q4 and impacted demand in Q1, limiting revenue visibility for 2022.
In the longer term, pet ownership is at all-time highs, and people are spending more on pet services. With travel still normalizing, Rover's guidance is likely "conservative," Josey noted.
Rover provided Q1 FY22 sales outlook of $25 million - $27 million versus the consensus of $32.29 million.
Rover expects FY22 sales of $160 million - $180 million, below the Street view of $200.51 million.
Price Action: ROVR shares are trading lower by 6.74% at $4.43 in premarket on the last check Tuesday.