Short-term costs likely to weigh on Figs' profitability- Oppenheimer

Figs

21/03/2023 11:06

** Brokerage Oppenheimer cuts price target on apparel
retailer Figs Inc  FIGS.N  to $9 from $12 
    ** Says collection of short-term factors, including shipping
costs and inventory storage expenses, to likely weigh upon
profitability of FIGS 
    ** Brokerage, however, remains positive on the company for a
longer term, citing growth and profit prospects  
    ** Notes co's customer acquisition tracking "solid" as it
reported nearly 23% growth in FY22 active customers
    ** 6 of 12 brokerages rate the stock "buy" or higher, 5
"hold" and 1 "sell"; median PT is $9.50 - Refinitiv
    ** Up to Monday's close, stock had fallen 70.2% in last 12
months

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))