JPMorgan Downgrades HepsiBurada (HEPS) to Neutral

JPMorgan analyst Hanzade Kilickiran downgraded HepsiBurada (NASDAQ: HEPS) from Overweight to Neutral with a price target of $3.07 (from $4.85).

The analyst comments: "Hepsi’s recent shift from cash flow management to prioritizing customer and merchant acquisition led to a strong 18% y/y increase in order volume and solid GMV growth in Q3. However, this strategy has pressured profitability, with higher marketing expenses resulting in EBIT losses. We expect these challenges to persist into Q4 and 2026, and have cut our inflation-unadjusted EBITDA forecasts for 2025 and 2026 by 33-59%. On our new estimates, valuations appear reasonable, with shares trading at a 2026E EV/EBITDA (pre-inflation) multiple of 8.5x, nearly in line with global peers. While Hepsi continues to offer attractive growth prospects, uncertainty around cash flow and limited strategic visibility from management suggest share price performance may remain subdued until further clarity is provided."

For an analyst ratings summary and ratings history on HepsiBurada click here. For more ratings news on HepsiBurada click here.

Shares of HepsiBurada closed at $2.31 yesterday.

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