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Analysts began coverage on Oddity Tech Ltd. (NASDAQ:ODD) on Monday following the expiration of the IPO lockup period.
The mix of new ratings on the beauty-wellness company included coverage from Truist (Hold, $54 price target), JMP Securities (Market Outperform, $66 PT), Bank of America (Neutral, $60 PT), Goldman Sachs (Neutral, $59 PT), and Morgan Stanley (Equal-weight, $57 PT).
Morgan Stanley analyst Dara Mohsenian said Oddity Tech’s (ODD) current share price already reflected the strong long-term growth prospects and said that the stock has less visibility than peers due to its short history.
Bank of America pointed to an opportunity for Oddity Tech (ODD) to use its enhanced technological capabilities to capture share from legacy players, but also warned on valuation. “While the company has experienced rapid growth since its inception, the stock’s strong performance since IPO and valuation versus traditional beauty brands leaves less room for multiple expansion,” noted analyst Lorraine Hutchinson. BofA also thinks that the lack of physical stores may make it difficult for Oddity Tech (ODD) to build up brand recognition and gain traction with in-person shoppers.
Seeking Alpha analyst The Value Investor also has a cautious stance on Oddity Tech (ODD) with a Hold rating. Seasonality is seen as a potential headwind for the stock in the second half of the year.
Shares of Oddity Tech (ODD) fell 3.11% premarket on Monday to $50.75 vs. the post-IPO range of $46.28 to $56.00.
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