Zip Looks Set to Continue Strong U.S. Growth -- Market Talk

Dow Jones10-31

0110 GMT - Australian installment-payment provider Zip looks well set to continue its strong U.S. growth, Citi analyst Siraj Ahmed reckons. He points to the continued expansion of Zip's merchant base and the resumption of growth in new customers as key drivers, although the business is already performing well. He tells clients in a note that growth in 1Q U.S. total transaction value accelerated from three months earlier due to existing customers. Ahmed thinks this is due to increased credit limits for repeat users with good repayment records, increased card usage, and merchant acquisition. Citi raises its target price 8.6% to A$3.15 and keeps a neutral rating on the stock, which is up 2.5% at A$3.095. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 30, 2024 21:10 ET (01:10 GMT)

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