Barclays upgrades Revolve Group to Equal Weight on sales growth

Barclays analyst Trevor Young upgraded Revolve Group (RVLV) to Equal Weight from Underweight with a price target of $25, up from $17. The company’s revenue growth has quickly returned to double digits, persisting into Q3, while spending and return rates also move in the right direction, the analyst tells investors in a research note. The firm says that while the macro environment is still a concern and it is unclear if Revolve is sustainably back in low-double-digit growth territory, with estimates moving higher and downside risks “diminished,” it upgrades the shares.