Rent The Runway price target lowered to $20 from $40 at JMP Securities

JMP Securities lowered the firm’s price target on Rent The Runway to $20 from $40 and keeps an Outperform rating on the shares. Rent the Runway reported revenue 2% above consensus, though the beat was driven by product sales, as ending active subscribers fell 5.8K quarter over quarter and 1Q24 revenue guidance came in 3% below consensus at the midpoint, the analyst tells investors in a research note. While guidance is 2H24 weighted, the business feels more stable today, JMP acknowledges.