Buy Stitch Fix on the Surge in E-Commerce Adoption
Stitch Fix (NASDAQ: SFIX) has been one of the market's big gainers since it began its recovery from the coronavirus-induced bear market. After bottoming in early April, the stock has come roaring back, climbing more 100% through Tuesday's closing price. This could be just the beginning.
Canaccord Genuity analyst Maria Ripps joined the ranks of Stitch Fix bulls on Wednesday, initiating coverage on the stock with a buy rating and setting a price target of $30. While the company operates in a "competitively intense" market, there's "significant opportunity" for growth. Ripps believes that apparel, and particularly fashion, have historically been a difficult market for e-commerce, due to the role that texture and fit play in personal clothing decisions.
Image source: Stitch Fix.
Source Fool.com
