Mytheresa upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded Mytheresa (MYTE) to Buy from Hold with a price target of $14, up from $13, after meeting with management. The firm now has conviction in the sales and margins for the Mytheresa platform, visibility into gross margin expansion into the second half of 2025, and the “transformative opportunity” given the pending YNAP acquisition, which is expected to close by June. Over the medium term, the business could reach over $300M in EBITDA, assuming $4B in sales and an 8% margin, the analyst tells investors in a research note.