Hepsiburada upgraded to Buy from Neutral at Citi

Citi analyst Maksim Nekrasov upgraded Hepsiburada to Buy from Neutral with a price target of $2, up from 90c. The company is now on track to profitability and “self-sustainability,” supported by its current strategy focused on cash preservation and value extraction from existing clients, the analyst tells investors in a research note. At current share valuations, the market seems to assign a “disproportional likelihood to the downside scenarios” of an imminent capital raise or delisting, which creates “room for re-rating,” says the firm..