Rent The Runway price target raised to $40 from $20 at JMP Securities

JMP Securities raised the firm’s price target on Rent The Runway to $40 from $20 and keeps an Outperform rating on the shares. Rent the Runway reported Q1 revenue at the high end of guidance while reiterating its path to breakeven free cash flow for 2024, the analyst says.. While 2024 guidance remains back-end weighted and cash interest payments resume in 2025, Rent the Runway appears better positioned to return to growth with better assortment, a new marketing strategy with the reopening of its NYC brick and mortar store in 2H24, and optimized resale and reserve businesses, the firm says.