RealReal price target raised to $9 from $6.75 at BTIG

BTIG raised the firm’s price target on RealReal (REAL) to $9 from $6.75 and keeps a Buy rating on the shares. The company’s better than expected Gross Merchandise Value pre-announcement outlook underpins the management’s “solid” 2025 guidance and represents the “more important” metric, the analyst tells investors in a research note. BTIG adds that it sees upside to FY25 EBITDA guidance as the outlook implies a 30% EBITDA flow-through rate, but the company is capable of achieving incremental margins of 40% or better given its cost structure is roughly 50/50 fixed vs. variable.