Shares of Zip Co Ltd (ZIP.AU) surged 5.48% in Thursday's trading session, continuing the positive momentum from the previous day's 13% gain. The buy now, pay later (BNPL) provider's stock price increase comes on the heels of a bullish analyst report and a strong trading update.
Goldman Sachs initiated coverage on Zip Co with a "Buy" rating and set a price target of $2.50, implying a potential upside of nearly 40% from current levels. The investment bank's analysts believe Zip's shares are undervalued compared to its peers in the global fintech space. They highlighted the company's growth prospects, particularly in the US market, as a key factor that could drive a re-rating of the stock.
The positive sentiment surrounding Zip Co is further bolstered by the company's recent trading update presented at an investor conference. As the BNPL sector continues to evolve, Zip's strong performance and expansion in the US market have caught the attention of investors and analysts alike. The company's ability to outperform in the competitive US BNPL space is seen as a crucial driver for future growth and potential multiple expansion.
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