Farfetch price target lowered to $18 from $25 at Wells Fargo

Wells Fargo analyst Ike Boruchow lowered the firm’s price target on Farfetch to $18 from $25 and keeps an Overweight rating on the shares after the company held its first Investor Day since going public in 2018. Management laid out a goal to reach $10B+ in GMV by 2025, with a much heavier emphasis on profitability, but believes the Marketplace is planned to grow just +8-10% annually and reach a ~5% margin, Boruchow tells investors in a research note.