Shares of Farfetch Limited (NYSE:FTCH) are lower in today’s trading session. This is likely attributable to new coverage from analyst Nicholas Jones of JMP Securities, who issued a Hold rating while not assigning a price target.
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Jones believes that the luxury retail space as a whole will face substantial headwinds in 2023 as consumer savings rates are low. In addition, Jones would also like to see more evidence that Farfetch is growing its business in China, as the country is the main growth driver of the luxury industry.
Overall, Wall Street has a consensus price target of $11.36 on FTCH stock, implying almost 163% upside potential, as indicated by the graphic above.