Benchmark Reiterates Buy Rating on Payoneer (PAYO)

Benchmark analyst Mark Palmer reiterated a Buy rating and $7.00 price target on Payoneer (NASDAQ: PAYO).

The analyst said: "The price of Payoneer Global’s (PAYO) shares has declined by almost 15% since the company on February 28 released a 4Q23 report in which it provided FY24 guidance for revenue and adjusted EBITDA that was below consensus estimates by ~4% and ~11%, respectively. The pullback in the cross-border payment company’s stock price occurred while Fintech stocks as a group were rallying, as reflected in the Global X FinTech ETF’s (FINX) return of more than 7% during that span versus the S&P 500’s return of 2.7%. Consequently, PAYO shares trade at just 5.6x FY25E EV/EBITDA, with that discount valuation having become even more of an outlier within its Fintech peer group."

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

Shares of Payoneer closed at $4.69 yesterday.

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