Farfetch price target lowered to $10 from $13 at BTIG

BTIG analyst Marvin Fong lowered the firm’s price target on Farfetch to $10 from $13 and keeps a Buy rating on the shares. The market anticipated the company’s Capital Markets Day as a positive catalyst that would shift investor focus to the promising Farfetch Platform Solutions business, but the financial details underwhelmed with take-rate and margins falling short of expectations, the analyst tells investors in a research note. Fong adds however that the reset in expectations creates a low bar that Farfetch should be able to deliver on.