Kaspi.kz initiated with a Buy at Citi

Citi analyst Ygal Arounian initiated coverage of Kaspi.kz (KSPI) with a Buy rating and $140 price target The firm sees a continued “strong growth runway domestically and now internationally.” Kaspi.kz has a “Super App” in Kazakhstan that has essentially dominated its home market and is “very deeply engrained” in the retail economy in Kazakhstan, the analyst tells investors in a research note. The firm says the company operates a payments business, a marketplace business, and fintech business, all within two core apps, one consumer facing and one merchant facing.