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Investing.com - KeyBanc lowered its price target on Oddity Tech Ltd (NASDAQ:ODD) to $80.00 from $90.00 on Wednesday, while maintaining an Overweight rating on the beauty technology company. The new target still represents significant upside from the current price of $59.56, with analyst targets ranging from $55 to $82.
The firm cited Oddity Tech’s position in the "early stages of its growth story," noting near-term tailwinds from the company’s ongoing disruption of beauty and wellness markets.
KeyBanc highlighted longer-term growth opportunities stemming from Oddity’s unique technology assets, specifically its nascent hyperspectral technology combined with biotechnology capabilities.
The research firm expressed optimism about Oddity’s upcoming fourth-quarter launch of its third brand, described as a "medical-grade skin and body brand" that will utilize its technology assets for more acute care in dermatology.
KeyBanc projected potential for multiple expansion to approximately 15 times next twelve months adjusted EBITDA, based on expectations of over 20% revenue growth combined with margins exceeding 20% annually for the next several years.
In other recent news, Oddity Tech has been the focus of multiple analyst reports. Citizens maintained its Market Outperform rating for Oddity Tech, setting a price target of $80.00, citing the company’s unique market position and a strong consumer base of over 40 million users. Jefferies initiated coverage on Oddity Tech with a Buy rating and a price target of $78.00, expressing optimism about the company’s upcoming launch of a new brand focused on medical-grade skincare. Citizens JMP reiterated its Market Outperform rating and $80.00 price target as Oddity Tech soft launched its dermatology brand, METHODIQ, with advertisements appearing on Instagram. Truist Securities also reiterated its Buy rating, showing confidence in the company’s ability to sustain 20% revenue growth and profit margins. Meanwhile, UBS downgraded HK Electric from Buy to Neutral, setting a price target of HK$6.00 after a 20% rally in the stock price, noting that the recent performance likely reflects the company’s stable business in Hong Kong. These developments provide a glimpse into the current analyst sentiment and strategic moves within these companies.
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