Evercore ISI lowered the firm's price target on Oddity to $15 from $23 and keeps an In Line rating on the shares. The firm is incrementally negative following a mixed and lower Q1 print, and remains on the sidelines. Revenue fell 26% year-over-year to $197.9M, modestly ahead of management's prior guide and Street expectations. The story, unfortunately, remains unchanged from Q4, Evercore notes, with a sudden technical dislocation at Oddity's largest advertising partner driving IL MAKIAGE customer acquisition cost to two times normal levels, rendering first orders deeply unprofitable. The one genuinely positive disclosure is a 28% sequential decline in IL MAKIAGE CPA from April to May, the first month of sequential recovery since Q4 2025, the firm adds.
