- Credit Suisse thinks Farfetch (FTCH -11.6%) is ahead of schedule with its rollout in China with JD.
- "We were not expecting a formal launch until late 2H19 and more meaningful contributions until 2020. With that in mind, with guidance parameters not reflecting much in contribution in China, we note that the potential increase to overall demand for Farfetch remains an optionality," writes the CS analyst team.
- Credit Suisse keeps an Outperform rating on Farfetch and clips its price target to $29 to adjust for increased near/medium-term capex estimates given the new HQ and capitalized software development around various projects.
- Previously: Farfetch -5% after losses pile higher (May 15)