Mytheresa downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Matthew Boss downgraded Mytheresa to Neutral from Overweight with a price target of $7, down from $9, after the company preannounced a reduction in FY23 outlook for GMV growth, gross profit dollar growth and adjusted EBITDA margin as management acknowledged ongoing macro pressure. Management’s revised outlook translates to a roughly 2% adjusted EBITDA margin in the second half, which is "well below" the firm’s "Street-low" estimate of 7.5% and the consensus forecast of 9%, the analyst noted.