Why Perfect (PERF) Shares Are Soaring Today - Perfect (NYSE:PERF)

Piper Sandler analyst Clarke Jeffries initiated coverage on Perfect Corp PERF with a Neutral rating and a price target of $7.
A marquee position in the development of AR Beauty technology with 85% of the most prominent beauty groups as customers indicates Perfect is well aligned to take advantage of a potential $10 billion+ market opportunity.
Perfect has demonstrated impressive industry mind share with 85% of the top 20 beauty groups as customers and attracted notable strategic investors like Snap Inc SNAP and Alibaba Group Holding Limited BABA.
However, last week's results indicated that macro pressures are weighing on the company's ability to land & expand with beauty & fashion brands.
He estimates CY23E revenue growth could moderate to mid-teens from >35% last year due to macro.
Headwinds could weigh on PERF's path to a more significant scale, but he also saw a healthy business with ~$200 million of cash on hand and only modest operating losses this year.
Price Action: PERF shares traded higher by 9.35% at $6.32 on the last check Tuesday.