Why Farfetch Stock Surged on Wednesday
In what's becoming a frequent event, shares of Farfetch Limited (NYSE: FTCH), a luxury-fashion company headquartered in London, surged on Wednesday, hitting fresh all-time highs. As of 2:30 p.m. EST, the stock was up 6%, but it had been up 9% earlier in the day. Today it's going up because an analyst raised their price target.
Analyst Stephen Ju of Credit Suisse is upping his bullish outlook for Farfetch stock, according to The Fly. In his opinion, near-term results aren't what investors need to be focusing on. Rather, he sees value in the company's push into China, and it's enough to motivate an increase in his price target. Before, his price target was set at $35 per share. Now, it's been raised to $43 per share -- about where currently trades.
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Source Fool.com
