Kogan.com Ltd (ASX: KGN) shares had a bumper start to the week. In early trade, the Kogan share price leapt by 10.2% to an intraday high of $13.45. At the time of writing, however, Kogan shares have retreated back to $12.20 — flat for the day so far.
With no market-sensitive news from the company, let’s take a look at what might have been boosting Kogan shares on Monday.
COVID-19 winners making a comeback?
Major COVID-19 winners in the e-commerce sector seem to be making a comeback on Monday.
These e-commerce shares are grinding higher despite the S&P/ASX 200 Index (ASX: XJO) sliding 0.07% at the time of writing. Meanwhile, the S&P/ASX Consumer Discretionary Index (ASX: XDJ) has also slipped 0.02% today.
Today’s bounce for Kogan and its e-commerce peers comes following increasing travel restrictions around Australia, including lockdowns across Greater Sydney, Western Australia and the Northern Territory.
Credit Suisse is bullish on the Kogan share price
Credit Suisse is looking past the near-term challenges for Kogan and is an avid believer in its medium-term growth trajectory.
On 25 June, the broker had an outperform rating and $17.93 target for the Kogan share price.
By June, Kogan shares managed to find their footing around the $10 level and are now up by almost 20% this month.
The company’s shares temporarily clawed their way back up to a 2-month high this morning but are currently still down by around 36% year to date.
Based on the current share price, Kogan has a market capitalisation of around $1.37 billion.