New Raymond James Analyst Coverage & $32 target Aritzia Initiated at Outperform, $32 Price Target at Raymond James
MIDNIGHTTRADER - Updated 4 hours ago
08:18 AM EST, 12/11/2023 (MT Newswires) -- Raymond James initiated coverage of Aritzia Inc. (ATZ.TO) with a Market Perform rating and $32 price target.
Analyst Michael Glen said the vertically integrated women's clothing retailer has demonstrated very impressive growth since its IPO in late 2016, and Aritzia expects strong growth to continue.
"...We must acknowledge that current investor focus for the name appears to be very near-term oriented," Glen said in a note to clients.
"In that regard, despite what we would describe as low expectations for the stock, we would note that Aritzia will continue to face tough comparables through 2HFY24 on the back of two very high growth years seen in FY22 and FY23, which saw boost from post-pandemic spending," the analyst said.