Brilliant Earth initiated with a Buy at B. Riley

B. Riley last night initiated coverage of Brilliant Earth (BRLT) with a Buy rating and $3 price target Brilliant Earth is a digitally native jewelry retailer that over-indexes to the bridal category, the analyst tells investors in a research note. The firm says the company is now debt free and that a recovery in engagement have allowed investor focus to shift back to the fundamental tailwinds. It believes Brilliant Earth is a share gainer in a “fragmented” industry dominated by small, independent retailers.