0023 GMT - Kogan.com's first-half trading update doesn't appear to offer anything that might scare off its bear at Citi. Analyst James Wang writes in a note that the online retailer's adjusted Ebitda for the December half was 7% lower than the average analyst forecast, and calls out the Black Friday and Christmas period as a particular disappointment. Wang points out that Ebitda fell despite a rise in revenue, which he speculates might be down to higher marketing costs or difficulties around the launch of its Mighty Ape marketplace offering. Citi has a last-published sell rating and A$4.50 target price on the stock, which is down 15% at A$5.09. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 19:23 ET (00:23 GMT)
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