Raymond James analyst Rick Patel upgraded Revolve Group to Outperform from Market Perform with a $21 price target. The analyst has “growing confidence” post the company’s Q4 results. The firm sees “several signs of underlying improvement,” including full-price sales being up in Q1, gross margin expansion continuing after five quarters of contraction, and EBITDA expanding in 2024. Raymond James has confidence that Revolve’s revenue should inflect positively in 2024 while self-help initiatives enable improving profitability, creating a more attractive risk/reward after a difficult 2023.
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