BUZZ – Aussie BNPL firm Zip dips after Citi downgrades on U.S. slowdown12 October 2021 2:11 pm* Buy now, pay later firm Zip Co Ltd drops 3.5% to A$6.63 after Citi downgrades the stock to "neutral" from "buy"* Also cuts Zip's PT by 7% to A$7.4* Citi lowers customer growth forecasts as app downloads in the U.S. fall for a sixth straight month in September* Sees U.S. customer growth of 520,000, 14% lower than in Q4, to 4.957 mln* Citi, like Jefferies, says the rebrand of Zip's U.S. business and top growth driver, Quadpay, is hurting website visits, app downloads...* Says data shows website visits down 60% m/m in Sept, 68% y/y* Rival website visits rising, with Sezzle's up 27% in Sept y/y and Affirm's up 49% y/y – Citi* Says further capital may be needed in FY23 as Zip expands aggressively, but for now, the balance sheet is fine* Zip is looking to become a global BNPL firm to keep up with rivals such as Klarna and Afterpay(Reporting by Nikhil Kurian Nainan) (([email protected]; Twitter: @NikhilKurianN)© 2021 Thomson Reuters. Click for Restrictions.
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