Oddity price target lowered to $30 from $50 at KeyBanc

KeyBanc analyst Scott Schoenhaus lowered the firm’s price target on Oddity (ODD) to $30 from $50 and keeps an Overweight rating on the shares. The firm notes shares were down 50% off weak near-term guidance due to changes from large ad partner’s platform, causing Oddity’s ads to be in sub-optimal audiences at two times higher costs. KeyBanc believes these disruptions centered around algorithm updates, which now heavily weighs the return rates associated with the TBYB model, leading to higher CPAs.