Citi lifts PT on Australian digital services firm Zip

Zip Co

22/01/2024 20:32

** Analysts at Citi raise PT on Australian digital services
provider Zip  ZIP.AX  to A$0.78 from A$0.51
    ** Brokerage removes high-risk rating from stock as company
has made progress in "fixing" its balance sheet and become cash
EBITDA positive
    ** Zip shares hit 1-year high on Monday after its upbeat
quarterly results and outlook
    ** Brokerage, however, rates stock "neutral", estimates H2
FY24 EBITDA to be lower than that recorded for H1
    ** Stock rose 24.5% in 2023

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))