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Rover Has Multiple Long-Term Secular Tailwinds, Says Analyst

JMP Securities analyst Andrew Boone reiterated a Market Outperform rating on the shares of Rover Group Inc (NASDAQ:ROVR) with a price target…
byShivani Kumaresan
October 11, 2022
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  • JMP Securities analyst Andrew Boone reiterated a Market Outperform rating on the shares of Rover Group Inc (NASDAQ:ROVR) with a price target of $8.00.
  • The analyst expected Rover to report third-quarter FY22 top and bottom-line results above consensus.
  • Boone said TSA passenger Y/Y growth accelerated in August and September, while desktop direct visits growth also accelerated in August and September. This makes the analyst assume that Rover can raise 4Q22 guidance.
  • He believes Rover has multiple long-term secular tailwinds as pet ownership is at all-time highs, people spend more on pet services, and international penetration continues to grow.
  • Through Boone’s data model, which is based on direct desktop traffic and TSA passengers boarded, he estimates bookings of about 1,525 in Q3.
  • Rover’s disciplined marketing spend combined with bookings outperformance, can lead to better-than-expected EBITDA.
  • Rover’s leading market share, its growth opportunities with new services and international expansion, and healthy cohort retention and repeat booking rates justify the analyst’s price target and multiple.
  • Price Action: ROVR shares are trading lower by 1.00% at $3.98 on the last check Tuesday.
 
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