In a report released today, Oliver Chen from TD Cowen reiterated a Buy rating on Revolve Group, with a price target of $28.00.
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Oliver Chen has given his Buy rating due to a combination of factors, including Revolve’s accelerating topline growth and resilient customer metrics. The company posted its fastest revenue growth in nearly four years, driven by double‑digit gains at both REVOLVE and FWRD, rising active customers and orders, improving return rates, and solid free cash flow generation even as spending increases.
Chen also cites strengthening new growth vectors—such as FWRD, international markets, beauty, and other emerging categories—which are expanding faster than the core business and broadening the brand’s reach. While 2026 is framed as an investment year with elevated marketing and some gross margin pressure, he believes these initiatives, combined with AI and omnichannel innovation, underpin durable double‑digit growth and make the unchanged $28 price target attractive given the stock’s discounted valuation multiple.