Street View: Jewelry group Brilliant Earth seen as industry disruptor

Brilliant Earth

18/10/2021 16:20

** Multiple brokerages start coverage on jewelry group
Brilliant Earth  BRLT.O , which debuted last month on the New
York Stock Exchange, with bullish ratings
    ** Stock down 3% at $13.3
   
    DISRUPTING AN ANTIQUATED INDUSTRY
    ** Piper Sandler (overweight; PT $16) says BRLT is
disrupting an antiquated industry, citing co's "strict code of
conduct", blockchain at scale, and capital-light business model
supporting sales growth; adds BRLT will "resonate well with ESG
investors"
    ** Telsey Advisory (outperform; PT $18) says BRLT's strong
position in lab-grown diamond market "can be another potential
topline driver as awareness grows, while growth in fine jewelry
should help increase purchasing"
    ** JPMorgan (overweight; PT $16) models BRLT's global
expansion opportunity at 7% by 2023, calling co a "compelling
growth story driven by a favorable industry backdrop"
    ** Credit Suisse (outperform; PT $16) thinks BRLT was an
early mover in lab-grown diamonds and is launching a physical
showroom strategy that could considerably accelerate growth 
    ** Cowen (outperform; PT $17) says co's solid fundamentals
should drive +25% to 30% long-term sales growth
    ** Based on at least nine brokerages that started coverage
on the stock, avg rating is "outperform" or similar, while
median PT is $16
    ** Co made its stock market debut in September after selling
roughly 8.33 mln shares in a downsized IPO  urn:newsml:reuters.com:*:nL4N2QP2QZ
    ** Stock has risen 10.8% vs IPO price of $12 

 (Reporting by Anisha Sircar)
 ((Anisha.Sircar@thomsonreuters.com))