Revolve Group assumed with an Overweight at Piper Sandler

Piper Sandler assumed coverage of Revolve Group with an Overweight rating and $30 price target. Following a “tough” 2023 with sales and margin both under pressure, Revolve is seeing an inflection in the business with sales bouncing back to positive in Q2 and acceleration to mid-single-digit in July as the aspirational consumer is seeing some stabilization in demand and overall fashion trends on the margin are more tangible, the analyst tells investors in a research note.