PLBY Group re-initiated with a Buy at Roth MKM

Roth MKM re-initiated coverage of PLBY Group (PLBY) with a Buy rating and $3 price target The firm says that after “significant” strategic, operational, and capital structure changes at PLBY the market has yet to appreciate, it sees upside to the stock and encourages investors to re-engage. With a simplified operating structure in place, management has the ability to lower corporate overhead, the analyst tells investors in a research note. Roth sees opportunity for estimates and valuation to improve as PLBY grows its core license business, continues to de-lever, and develops more Street credibility after its earlier missteps.