** Shares of online retailer Kogan.com rise 6.4% to A$5.97, their highest levels since Jan 8
** Citi says that the closure of Catch by conglomerate Wesfarmers, a market competitor with similar web traffic but a larger app user base, is a net positive for co, even though the potential benefits may be small
** Brokerage suggests that only a portion of Catch's customers will migrate to KGN as previous trends have shown customers moving to other marketplaces such as Amazon, eBay, and Temu
** Adds that while the closure reflects broader difficulties for domestic online marketplaces facing stiff competition, it is encouraging in the context of better momentum for the firm
** Maintains "sell" rating at a target price of A$4.50
** Stock rose as much as 6.6% earlier in the day, marking its biggest intraday gain since Dec 18, 2024
** Two of 7 analysts rate the stock "buy", two as "hold" and three "sell" or lower; their median PT is A$5.55 – LSEG data
** Stock gained 18.7% last year
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com;))
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