Katapult price target lowered to $15 from $20 at Loop Capital

Loop Capital lowered the firm’s price target on Katapult (KPLT) to $15 from $20 and keeps a Hold rating on the shares. The firm says it was disappointed by Katapult’s Q2 gross origination shortfall, which represented the second consecutive quarter of low-single-digit percentage growth following last year’s mid-teens percentage jump. Loop further cites its “serious doubts” about the management’s 2024 gross origination growth forecast, which implies a significant acceleration in the second half of the year, and by extension, a marked inflection in its largest retail partner Wayfair’s (W) recent top-line trends, the analyst tells investors in a research note.