UBS lowered the firm’s price target on Stitch Fix to $2.80 from $3.80 and keeps a Neutral rating on the shares. The firm believes Stitch Fix is fairly priced and is waiting to see whether Stitch Fix can drive consistent active client growth, the analyst tells investors in a research note. UBS does not think the multiple is going to expand in the near-term, and while the firm sees some positive signs from the customer experience revamp, it wants more evidence that management’s initiatives will be successful in growing active clients.
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