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Stitch Fix stock surges after Goldman Sachs upgrade

Stitch Fix Inc. shares are up more than 5% in premarket trading Friday after Goldman Sachs analyst Heath Terry turned bullish on the company, which lets customers sign up to receive boxes of curated fashion items. “At StitchFix, we believe product innovation, operational efficiencies, and geographic expansion, combined with the increase in retail store closures (particularly in apparel) represent significant opportunities for further outperformance,” wrote Terry, who upgraded the shares to buy from neutral and kept his $38 price target intact. He sees “compelling upside potential” for Stitch Fix’s expansion into plus-size, kids’, and men’s clothing. Terry is also upbeat about the company’s move into the U.K. Stitch Fix shares have gained 3.5% over the past three months, while the S&P 500 has risen 3.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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