J.P. Morgan downgrades Hepsiburada, says rising costs to pressure profits

D-Market Elektronik Hizmetler ve Ticaret

18/11/2025 11:30

** J.P. Morgan downgrades U.S.-listed Turkish e-commerce platform Hepsiburada HEPS.O to "neutral" from "overweight"

** Brokerage says co’s focus on customer and merchant growth raised marketing costs and expects profit pressures to continue

        ** Earlier this month, co's Q3 net loss widened due to higher financial expenses and increased advertising costs

** JPM notes uncertainty around cash flow and lack of clear strategy could weigh on shares

** Brokerage cuts price target to $3.07 from $4.85

** Up to last day's close, stock down 23.7% YTD

 (Reporting by Kanishka Ajmera in Bengaluru)

 ((mailto: Kanishka.Ajmera@thomsonreuters.com))