Revolve Group price target lowered to $25 from $37 at KeyBanc

KeyBanc lowered the firm’s price target on Revolve Group (RVLV) to $25 from $37 and keeps an Overweight rating on the shares. The firm notes the company announced mixed results, with revenue faring slightly below expectations and EBITDA better. While KeyBanc lowers its estimates to reflect macro headwinds, it remains encouraged by strong active customer growth and order volume, and despite moderating expectations, KeyBanc continues to see potential for revenue growth and EBITDA margin expansion over the MT. Though the firm is cautious on the retail environment in aggregate, amid a choppy environment, it believes Revolve Group remains among the best positioned to navigate the unfolding situation relative to peers.