Alliance Global Partners analyst Brian Kinstlinger initiated coverage of Nogin with a Buy rating and $3.50 price target. Large and small brands are pivoting to direct-to-consumer, or D2C, offerings, but a successful D2C operation has many challenges and can be costly, says the analyst, who notes that Nogin is an outsourcing partner that helps brands navigate their D2C strategy. The firm forecasts revenue of $68M in 2023 and for the company to approach breakeven on $90M in sales in 2024.
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