Citi Maintains Buy Rating for D-Market with $4.60 Price Target

Citi maintains a Buy rating on D-Market (HEPS) with a price target of $4.60. Maxim Nekrasov, ranked #4530 out of 9553 analysts on TipRanks, notes the company's latest earnings release reported a quarterly revenue of $14.39 billion and a GAAP net loss of $355.08 million, compared to last year's revenue of $11.31 billion and net loss of $130.73 million. The general analyst consensus rating for D-Market is Hold.

Citi analysts have revised their outlook for HepsiBurada stock (NASDAQ: HEPS), reducing the price target to $4.60 from the previous $4.80. Despite the downward adjustment, the analysts maintain a Buy rating on the stock, reflecting their optimism about the company's future prospects. The stock is currently trading at $2.58, with analyst targets ranging from $3.47 to $4.81 [1].

The price target revision is a result of changes in estimates, according to the analysts. They noted the completion of Kaspi’s acquisition of a controlling stake in HepsiBurada in January 2025. Citi anticipates a potential offer to minority shareholders in the future. HepsiBurada reported revenue growth of 43% in the last twelve months and is set to release its earnings report on June 9 [1].

Kaspi’s strategic plans for HepsiBurada include leveraging its technology and super app experience, along with payments and fintech solutions, to enhance the company’s prospects. The analysts also highlighted Kaspi’s intention to invest approximately $300 million in its fintech strategy in Turkey during 2025. Additionally, Kaspi is expected to secure a banking license in Turkey in the second half of 2025, which could further support its strategic initiatives in the region [1].

In other recent news, HepsiBurada has made a regulatory filing with the United States Securities and Exchange Commission. The filing, a Form 6-K, is part of the company’s routine compliance with SEC regulations and does not include new financial data. HepsiFinansman A.Ş., a subsidiary of HepsiBurada, has completed a bond issuance totaling TRY 100 million. These bonds carry an annual interest rate of 43.00% and are intended to support the growth of Hepsifinans’s consumer finance business. The company aims to use the proceeds to enhance its financial services and improve shopping convenience [1].

References:
[1] https://www.investing.com/news/analyst-ratings/citi-lowers-hepsiburada-stock-price-target-amid-estimate-changes-93CH-4076425