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Afterpay Shares Hit Record High After Citi Boost

Buy-now-pay-later platform, Afterpay, has seen its shares notch a record high of over $66, with Citi raising its price target by 137%.

Shares in Afterpay have continued to spike, up 6.62% to $66.40 just before midday.

According to The Australian, Citi’s Siraj Ahmed has maintained his Neutral rating – citing cautious consumer discretionary spending – but boost his 12-month target from $27.10/share to $64.25/share.

Last quarter, Afterpay was one of the most sought after stocks in the ASX200, notching a 231% rise.

Ahmed’s lift reportedly denotes a 70% jump in his FY22 EBITDA estimate, derived from new market and monetisation opportunities.

Commentators are warning investors against the likelihood of a pullback.

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