Revolve Group downgraded to Neutral from Outperform at Baird

Baird analyst Mark Altschwager downgraded Revolve Group to Neutral from Outperform with an unchanged price target of $17. The shares have rallied 20% in the past three months, pushing the valuation near the historical average, the analyst tells investors in a research note. The firm says that while progress has been made on internal initiatives to clean up inventory and implement cost savings measures, this has been overshadowed by ongoing demand pressures. It believes Revolve’s risk/reward appears more balanced at higher valuation amid a still-cloudy demand outlook.