Torrid heats up as IPO banks mostly bullish after quiet period expires
26/07/2021 17:48
** Torrid Holdings Inc CURV.N shares rise ~6% to as high
as $23.80 on Mon as women's clothing retailer collects multiple
bullish ratings after IPO research quiet period ends
** Morgan Stanley, one of the lead bookrunners for CURV's
IPO, starts coverage at "overweight" and $28 PT
** "We are constructive on CURV’s product fit expertise in
women's plus sizes, low fashion risk assortment, and
sector-leading digital penetration (70% 2020), with eComm EBIT
margin at least at parity with store," Morgan Stanley says in
note
** BofA starts at "buy" and $32 price objective, saying it
views CURV as industry disruptor, pointing to growing and
underserved total addressable market ($85 bln estimated), loyal
customers and industry-leading omnichannel focus
** Other bullish initiations include Jefferies ("buy", $30
PT), Cowen ("outperform", $30 PT) and Telsey Advisory Group
("outperform", $28 PT)
** Goldman Sachs says while CURV is a "solid" growth story,
starts at "neutral" and $26 PT, citing stock's full valuation
** CURV shares last trading at $23.21 vs Jun 30 IPO price of
$21 urn:newsml:reuters.com:*:nL3N2OD3P7
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))