Analysts are taking a sunny view of the prospects before ThredUp (NASDAQ: TDUP) , an online secondhand fashion marketplace operator whose March 26 initial public offering saw first-day share prices jump 29%. The company, which currently has a market capitalization of approximately $1.5 billion, is getting lots of positive coverage this week as multiple Wall Street analysts launch coverage.
Yesterday, Barclays weighed in with a $19 price target, an overweight rating, and a bullish research note comparing the company to tech and retail giant Amazon . The investment bank's analyst Ross Sandler said ThredUp's "business model built around proprietary logistics infrastructure and razor-thin contribution profit per item reminds us of Amazon in the early days" and pointed out the company has positioned itself squarely in a growth market, the "apparel and accessories resale e-commerce space."
Image source: Getty Images.
For further details see:
ThredUp Sews Up Multiple Bull Ratings, May Have a 32% Upside