Citi hikes earnings estimates for Australia's Kogan.com

Kogan.com

24/01/2024 20:39

** Analysts at Citi say online retailer Kogan.com's  KGN.AX 
1H24 business update implied a decline in revenue but much
faster recovery in margins than expected
    ** Citi (sell, A$4.30) upgrades for Kogan's FY24 and FY25
EBIT estimates by 31% and 24%, respectively 
    ** Brokerage expects negative trading update from the online
retailer in February 
    ** "We don't see a way for Kogan to arrest its decline in
the face of mounting competition from online players Amazon
(brand power) and Temu (ultra-low pricing)" - Citi 
    ** One of seven analysts rate the stock "buy", two "hold"
and four "sell" or lower; their median PT is A$4.60 – LSEG data
    ** Stock fell 49.4% in 2023


($1 = 1.5202 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))