Not surprising founder/CEO wants to take Farfetch private, says Wedbush

Wedbush notes that Farfetch’s (FTCH) shares are trading 25% higher following a report by U.K. media outlet The Telegraph, stating that founder/CEO Jose Neves is looking to take the company private. The report noted a potential deal has the “tentative backing” of major partners such as Alibaba (BABA) and Richemont. Notably, Neves has supervoting shares that give him over 75% voting control of the company. As of this point, the company has not commented on the matter, but given the company’s struggles as a public company, the fact that the company is reporting tomorrow, and the fact that the company has a lot of “balls in the air” at the moment, Wedbush would not be surprised if Neves truly does want to take the company out of the public-market spotlight. The firm has a Neutral rating on the shares with a price target 3.50.