Why Farfetch Popped 10% on Thursday
Shares of Farfetch (NYSE: FTCH), a global e-commerce marketplace for the luxury fashion industry, jumped by as much as 12.8% Thursday morning after yet another analyst upgrade drove investor optimism about the company's near-term business. China Renaissance analyst Ella Ji upgraded Farfetch from hold to buy and boosted the firm's price target on the stock to $33 -- suggesting significant upside to its current price of roughly $21 per share. It was the second major upgrade for Farfetch this month after Deutsche Bank analyst Lloyd Walmsley raised his institution's target price from $17 to $23, asserting that it is "increasingly clear how the company will emerge stronger from the COVID-related disruptions."
