Revolve Group price target raised to $33 from $30 at Baird

Baird raised the firm’s price target on Revolve Group to $33 from $30 and keeps an Outperform rating on the shares. The analyst said Revolve reported stronger Q4 sales/earnings and QTD revenue trends ahead of Q1 estimates. Lingering inventory overhang and the macro backdrop remain key risks; however, we’re constructive on shares amid ongoing market share gains, disciplined expense management, improving FCF, and an accelerating sales/margin setup as 2023 unfolds.