Analyst Oliver Chen of TD Cowen maintained a Hold rating on MYT Netherlands (MYTE – Research Report), boosting the price target to $13.00.
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Oliver Chen has given his Hold rating due to a combination of factors influencing MYT Netherlands. The company reported a notable performance exceeding Street expectations with impressive revenue growth and improved gross margins. The management’s reaffirmed guidance for sales and EBITDA margins suggests a positive outlook, but the ambitious targets may carry some risks, particularly with reliance on continued margin expansion.
Despite the company’s strategic moves such as increasing marketing spend and addressing inventory levels, challenges remain. The ongoing project to replatform YNAP, which is expected to take up to 36 months, presents a significant transformation that could impact the business. Additionally, although there is promising sales growth in the US and Europe, the aspirational customer base has not fully recovered to previous levels, indicating potential volatility. These factors collectively contribute to the Hold rating as the market assesses both the opportunities and uncertainties facing MYTE.