The news: Citi has upgraded its rating on Zip Co, as accelerating US growth and the launch of Zip Plus in Australia boosted time to value (TTV) forecasts for the buy now pay later company.
The numbers: Citi upgraded Zip Co from 'neutral' to 'buy', and increased its target price from $1.21 to $1.40. Analysts said that while they "still have concerns" on Zip Co's lack of scale in the US, the upgrade was driven by upside risk to its FY25 cash EBITDA forecast, which sees Citi 13% ahead of consensus.
Analysts upgraded Zip Co's FY25 TTV forecast by 1%, and its FY26 TTV forecast by 7%, reflecting stronger TTV growth in the US driven by its new merchant pipeline.
Citi noted that on the Australian side TTV was down 7% which reflected the company's focus on reducing costs.
$2 PARTY, page-5142
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