- Piper Sandler analyst Clarke Jeffries initiated coverage on Perfect Corp (NYSE:PERF) with a Neutral rating and a price target of $7.
- A marquee position in the development of AR Beauty technology with 85% of the most prominent beauty groups as customers indicates Perfect is well aligned to take advantage of a potential $10 billion+ market opportunity.
- Perfect has demonstrated impressive industry mind share with 85% of the top 20 beauty groups as customers and attracted notable strategic investors like Snap Inc (NYSE:SNAP) and Alibaba Group Holding Limited (NYSE:BABA).
- However, last week’s results indicated that macro pressures are weighing on the company’s ability to land & expand with beauty & fashion brands.
- He estimates CY23E revenue growth could moderate to mid-teens from >35% last year due to macro.
- Headwinds could weigh on PERF’s path to a more significant scale, but he also saw a healthy business with ~$200 million of cash on hand and only modest operating losses this year.
- Price Action: PERF shares traded higher by 9.35% at $6.32 on the last check Tuesday.
Starbucks To $94? Here Are 5 Other Price Target Changes For Wednesday
Citigroup raised the price target on Starbucks Corporation (NASDAQ: SBUX) from $90 to $94. Citigroup analyst Jon Tower maintained a Neutral rating on the stock. Starbucks shares fell 0.1% to $84.50 in pre-market trading.
