Rent The Runway price target lowered to $26 from $34 at Jefferies

Jefferies analyst Ashley Helgans lowered the firm’s price target on Rent The Runway to $26 from $34 and keeps a Buy rating on the shares. Q2 sales and EBITDA beat expectations and fiscal year guidance was slightly raised, though the Q3 EBITDA guidance midpoint came in below consensus, the analyst tells investors. Subscriber growth decelerated to down 6%, but the company believes this due to lapping tough comparisons from promos, adds that analyst, who contends that subscriber growth flipping positive “would be a catalyst for sentiment.”