Why Stitch Fix Stock Popped 10% This Morning

Shares of Stitch Fix (NASDAQ: SFIX) exploded 10% higher in early Wednesday trading after Deutsche Bank initiated coverage of the online clothing subscription service with a buy rating and a $34 price target. As of 11:15 a.m. EDT, Stitch Fix shares remain up 6.8%. As TheFly.com reports today, Deutsche thinks Stitch Fix will be "one of the biggest beneficiaries of the ongoing lockdowns and accelerated store closures," as shoppers migrate out of physical retail stores and onto the e-commerce platform instead.