In the Australian online yesterday at 3.45pm
Coppo remains bullish on Afterpay
Bell Potter’s Richard Coppleson has backed today’s best performer Afterpay, saying the stock still had plenty of fuel left in the tank.
The ‘buy now, pay later’ platform rose to record heights of $13.84, or up 25 per cent, in trade on Thursday after reporting 171 per cent growth in sales.
Mr Coppleson, a vocal advocate for the stock, said today’s rise reaffirmed his long term $24 price target and ‘may get there quicker’.
“The stock has great growth potential in the US, and then later in a few years in other countries,” he said.
“I have always had 100 per cent confidence that they would succeeed as they have executed so brilliantly in Australia... so market cap should get to around $4.5 billion to $5 billion.”
Today’s peak represents a premium of more than 450 per cent to its July 2017 entry to market.
APT last traded up 22.71 per cent at $13.40.
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