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C$1408.04 -38.6  -2.7%

Last Trade - 07/08/20

Large Cap
Market Cap £96.91bn
Enterprise Value £93.84bn
Revenue £1.59bn
Position in Universe 1st / 2679

BUZZ-Afterpay: Citi boosts PT by almost 2-1/2 times, shares hit fresh record

Thu 2nd July, 2020 1:59am
(Updates) ** Citi hikes PT on Australian buy-now-pay-later firm (BNPL) APT.AX by more than 137% to A$64.25 following the stock's bullish run since March ** Citi's PT is 78.5% higher than 12 analysts' median PT of A$36 - Refinitiv Eikon ** APT shares jump as much as 5.7% to a record high of A$65.80, set for third straight session of gains ** An accelerated shift to e-commerce by consumers amid coronavirus-induced lockdown, Tencent's 0700.HK stake and U.S. expansion helped APT share price leap almost seven-fold since March 23 ** "We expect the narrative/trends to be positive over the next few months driven by increasing consumer usage (especially in the U.S.), launch of in-store in the U.S. and launch into Canada," Citi says ** Brokerage raises Q4 gross merchandise value (GMV) forecast by 24% to A$3.1 bln, upgrades active customer view by 4% to 9.8 mln ** Citi cautious on outlook for consumer spending and bad debts when fiscal stimulus measures end, but expects GMV to grow ~70% in FY21, driven by the U.S. market ** Says Shopify's SHOP.TO entry into BNPL is a medium-term risk, but could accelerate merchant and consumer adoption of instalment payments in the near-term <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Aussie BNPL firms sky-rocket since mid-March ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Shashwat Awasthi & R.R.Deepti Sri in Bengaluru) ((
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