rocky road.... dogs at macquarie coming up next - hope shaw stay bullish hahaBUZZ-Australia's Zip trips as Citi cuts PT on easing U.S. growth forecast
Thursday, 9th December 2021, 2:50:06 pm
- Zip Co Ltd(Z1P)falls as much as 4.4% to A$5.050 after Citi cuts its price target to A$5.85 from A$7.40 on slowing growth in the United States
- Buy-now-pay-later firm's stock is the third biggest loser on the Australian benchmark index
- Zip's recent Nov trading update showed total transaction volume (TTV) in the United States slowed materially
- Says the slowdown in growth will persist and is a combination of easing e-commerce sales as economy reopens, unwinding of stimulus, competition and recent rebranding to Zip from Quadpay
- Australia and New Zealand continues to beat expectations due to increased uptake of Tap & Pay and higher credit limits for Zip Pay
- Brokerage adds that industry giant Afterpay's(APT)U.S. business is also growing at a slower rate than expected
- Citi lowers forecast on Zip's TTV growth in the UK and the U.S.
- Sees FY22 total TTV and revenue to be 10% and 8% weaker than its previous estimates, respectively
- 4/10 analysts rate the stock "buy", 5 "hold" and 1 "sell"; their median PT is A$7.43 – Refinitiv data
rocky road.... dogs at macquarie coming up next - hope shaw stay...
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