Oddity Tech rises on lifting Q3 revenue growth, margin forecast

Oddity Tech

03/10/2023 14:09

** Shares of beauty brands owner Oddity Tech  ODD.O  rise
13.4% to $31.85 premarket
    ** Co expects Q3 revenue to grow between 29%-31% vs prior
guidance of 18%-23%
    ** ODD expects Q3 gross margin of 68.5% vs prior forecast of
67.5% 
    ** Truist Securities upgrades stock to "buy" from "hold"
after the company's preliminary Q3 results 
    ** Notes that the upbeat forecasts were driven by its beauty
brands "IL MAKIAGE" and "SpoiledChild"
    ** "ODD should support ~20% top line growth and 20%+ margins
over the next several years" - Truist
    ** Current avg. rating of 6 analysts covering the stock is
"buy" - LSEG data
    ** Up to last close, stock down ~41% since it went public in
July

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))