Analysts at Oppenheimer provided their outlook on Farfetch Limited (NYSE:FTCH), lowering their estimates on consumer luxury spending impacts from Russia’s 6% exposure and Europe’s 34% exposure.

Analysts are becoming increasingly concerned that European consumer spending will be impacted by higher commodity pricing as a result of rising energy prices. The analysts mentioned that several economists have lowered European GDP forecasts from 7.5% to 2.0% on higher energy prices. In early March, Allianz Insurance announced a European energy bill forecast of over 30% year-over-year, with Germany and the UK as high as 70%. The analysts lowered their Q1/22 GMV/gross profit by 2%/1% and lowered 2022/2023 GMV/gross profit by 7% each. As a result, the analysts lowered their price target on the company’s shares to $26 from $32.