KeyBanc downgraded Farfetch to Sector Weight from Overweight without a price target. The company reported “softer” Q2 results and lowered guidance amid a difficult environment, the analyst tells investors in a research note. The firm cites decreased confidence in execution and the timeline to profitability for the downgrade. Farfetch’s reduced guidance implies a “fairly tough” second half of 2023 hurdle given the softer trends, contends KeyBanc.
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