Roth MKM analyst Matt Koranda initiated coverage of Figs with a Buy rating and $9 price target. The stock "has been a rollercoaster for investors since the IPO" rising 100% from its IPO price to peak, then falling 85% from peak to present-day, notes the analyst, who views the business and brand as "healthy, despite some missteps in a tough 2022." The firm expects "the stock to work" as Figs exercises its brand power to drive a multi-year acceleration in revenue, the analyst added.
Published first on TheFly
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