TD Cowen downgrades Mytheresa on more cautious aspirational shoppers

As previously reported, TD Cowen analyst Oliver Chen downgraded Mytheresa (MYTE) to Market Perform from Outperform with a price target of $7, down from $13. The potential for muted active customer growth as aspirational shoppers remain more cautious in the U.S. and Europe means EPS upside "could be unlikely in the near-term relative to guidance and expectations," the analyst tells investors in a research note. While the firm continues to view Mytheresa as "a compelling luxury story," the stock will likely be range-bound in the near-term and it prefers LVMH (LVMUY) and Estee Lauder (EL) in the space.