UPDATE: Loop Capital Upgrades Katapult Holdings (KPLT) to Buy
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Loop Capital analyst Anthony Chukumba upgraded Katapult Holdings (NASDAQ: KPLT) from Hold to Buy with a price target of $12.00.
The analyst comments "We are upgrading Katapult Holdings ("Katapult") to a Buy from a Hold rating while maintaining our $12 price target, implying 34% upside from current levels. Katapult stock is down 16% since last month (as compared to a 2% rise in the S&P 500 over the same time period), well underperforming the broader market indices. Given the fact our positive long-term fundamental outlook remains unchanged (particularly given the recently implemented expanded Child Tax Credit [ECTC]), we believe Katapult’s risk/reward profile is currently heavily skewed to the upside—even after factoring in our customer concentration concerns (i.e., a mid-60s percentage of the company’s lease originations come from Wayfair). Our price target is based on 20.0x our 2021 EBITDA estimate, which we note is less than half our projected five-year EBITDA CAGR forecast."
Shares of Katapult Holdings closed at $8.95 yesterday.
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