Rent The Runway price target raised to $4 from $3 at Barclays

Barclays analyst Ross Sandler raised the firm’s price target on Rent The Runway to $4 from $3 and keeps an Overweight rating on the shares. The company reported revenue and EBITDA that were 3% and $4M above consensus and cash burn is expected to improve to below $50M for fiscal 2023, the analyst tells investors in a research note. Assuming no major setbacks, this likely points to self-funding status for Rent The Runway in 2024, says the firm. It expects the shares to remain volatile until positive free cash flow arrives.