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.