Australia's Zip rises on share buyback; Citi sees continued growth in US market

By Reuters News

** Shares of Australia's Zip Co ZIP.AX rise as much as 5.7% to A$2.220, their biggest intraday pct gain since August 20

** Stock on track to snap six-session losing streak

** The consumer lending firm said it has begun a share buyback programme of up to A$50 million ($35.66 million)

** Citi expects new product initiatives to continue driving growth in the U.S. for ZIP

** Brokerage sees potential upside to its cash EBITDA forecast for fiscal 2027, through strong U.S. total transaction value growth, higher net transaction margin and cost control

** Brokerage maintains "buy" call for stock, however trims target price by 10% to A$3.20 on expectations of decreased qtrly growth rate and uptick in net bad debt

** YTD, stock down 33.7%

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