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RBC Capital cuts Dr Martens target price
(Sharecast News) - RBC Capital Markets cut its price target on Dr Martens on Wednesday to 85p from 100p as it lowered its estimates for FY24-26 earnings per share by 7% to 10%.
The bank said Dr Martens should be able to deliver on materially lower guided and consensus expectations for FY24, due 30 May.
The bank said Spring/Summer shipment timings could be a swing factor, however it believes Q4 DTC trends will be an important data point as well as FY25.
RBC said it expects the company's FY25 guidance to strike a "cautious tone". It expects revenue guidance of 'mid-single digit' and an EBITDA guidance range of £200m to £210m, which implies mid-high single-digit growth year-on-year.
RBC rates the shares at 'sector perform'.
The bank said Dr Martens should be able to deliver on materially lower guided and consensus expectations for FY24, due 30 May.
The bank said Spring/Summer shipment timings could be a swing factor, however it believes Q4 DTC trends will be an important data point as well as FY25.
RBC said it expects the company's FY25 guidance to strike a "cautious tone". It expects revenue guidance of 'mid-single digit' and an EBITDA guidance range of £200m to £210m, which implies mid-high single-digit growth year-on-year.
RBC rates the shares at 'sector perform'.
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