Farfetch upgraded to Neutral from Sell at Citi

Citi upgraded Farfetch to Neutral from Sell and removed the firm’s price target in light of press reports suggesting Farfetch’s Executive Chairman and founder Jose Neves is in talks to take the company private, Farfetch’s subsequent cancellation of its Q3 results release and presentation and Richemont’s subsequent press release stating its intention not to lend to or invest in Farfetch. Near-term guidance has been removed, making it hard to assess the outlook for the business, and the firm does not expect Farfetch shares to trade on fundamentals in the near-term given the range of possible outcomes, the analyst tells investors.