Revolve Group price target lowered to $26 from $27 at BTIG

BTIG lowered the firm’s price target on Revolve Group to $26 from $27 and keeps a Buy rating on the shares. The analyst cites the company’s recent investor conferences commentary on May sales performance, indicating that after a 7% YoY revenue decline in April – disclosed on the Q1 earnings call on May 3rd – revenue was down mid-single digits in May. This puts the quarter-to-date trend below the management’s initial expectations for Q2 sales to be “slightly positive or slightly negative”, the firm tells investors in a research note.