- Berenberg analyst Saim Saeed initiated coverage of Cazoo Group Ltd (NYSE:CZOO) with a Sell rating and a $0.49 price target.
- The PT implies a 20% downside.
- Cazoo is an online car retailer present in the U.K., France, Germany, Spain, and Italy, Saeed noted.
- He thinks Cazoo faces a “much more competitive environment” in Europe, compounded by the necessity of a smaller than previously planned launch in the region that will limit its ability to catch up to competitors.
- Cazoo reported 159% revenue growth in Q1 to £295 million. Vehicles sold rose 102% Y/Y to 19,713.
- Price Action: CZOO shares traded lower by 7.56% at $0.60 on the last check Wednesday.
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