Rent The Runway initiated with a Peer Perform at Wolfe Research

Wolfe Research analyst Greg Badishkanian initiated coverage of Rent The Runway with a Peer Perform rating and no price target. Consumer adoption of second-hand clothing is increasing and clothing rental is an "important emerging distribution channel for high-end brands," Badishkanian tells investors in a research note. However, the analyst has concerns over a "pattern of volatile customer churn" at Rent The Runway.