FIGS down after Raymond James downgrades stock to 'market perform'

Figs

17/07/2023 14:47

(Updates)
    ** Shares of healthcare apparel brand FIGS  FIGS.N  down
about 3% at $7.58 in early trade
    ** Raymond James downgrades stock to "market perform" from
"outperform"
    ** Brokerage says site traffic slowed for FIGS in Q2, and
macroeconomic pressures might be worsened by the return of
student loan payments in the fall
    ** Says view reflects less conviction on near-term trends
    ** Adds that co has "attractive growth opportunities" in the
long-term
    ** Brokerage also lowers PT on consumer e-commerce company
Etsy  ETSY.O  to $115 from $130 on exposure to lower-income
consumers likely to be bogged down by inflationary pressures in
H2
    ** Six of 12 brokerages rate FIGS "buy" or higher, four
"hold" and two "sell"; their median PT is $9 - Refinitiv data
    ** Up to last close, FIGS had risen ~16% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))