0521 GMT - The potential benefits to Kogan.com from Wesfarmers' decision to close Catch may be small, Citi analyst James Wang warns. He views the retail and industrial conglomerate's move as a net positive for online retailer Kogan but thinks that only a portion of Catch customers will migrate to rival Kogan. Wang writes in a note that web traffic and app usage data suggest that the customers that Catch has lost over recent months have switched to marketplaces other than Kogan. He adds that the closure of Catch points to stiff competition from Amazon, eBay and Temu. Citi has a sell rating and a A$4.50 target price on the stock, which closed 5.5% higher at A$5.92. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 00:21 ET (05:21 GMT)
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