Shares in Afterpay surged by more than 13 per cent after the buy-now pay-later juggernaut updated the market on its anti-money laundering audit while Goldman Sachs upgraded its share price target on the stock to $42.90.
In a note sent to clients Goldman Sachs says Afterpay is chasing a $1 trillion opportunity to capture retail payment transactions in Australia, the United States and the United Kingdom and said customers were using the platform more frequently making it a more valuable business.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
