'JPMorgan led the IPO, so not surprisingly it has the rosiest price target,' says one analyst.
Just one business day after a short seller slammed teeth-straightening startup SmileDirectClub alleging that it has cut corners and put customers at risk, the banks that led its September initial public offering have published notes on the company, with all 10 rating it the equivalent of buy.
“JP Morgan led the IPO, so not surprisingly it has the rosiest price target. These are many of the same banks that thought WeWork, which is now struggling for solvency, was a bargain at $20 billion,” said Anderson.SmileDirect’s stock fell 5.5% Monday in spite of the 10 new buy ratings. The stock has struggled since its IPO and is 34% below its issue price of $23.
Read also: Why 37 million people in the U.S. don’t have dental coverage — and the painful price they pay “To be clear, our checks among consumers identified areas of dissatisfaction, as customer service and lack of oversight [by a medical professional] were issues for a subset of respondents,” Block wrote. “That said, we saw relatively solid ratings for the overall SDC experience despite these shortcomings, as a straighter smile and whiter teeth at a $2,000 price point seemingly resonated with the majority of the company’s customers.
For more on Hindenburg’s report: SmileDirectClub’s stock falls and then recovers after scathing report from short seller | Read the report at HindenburgResearch.com
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