Morgan Stanley Downgrades Flywire (FLYW) to Equalweight,'Taking Some Chips Off the Table'

Morgan Stanley analyst James Faucette downgraded Flywire (NASDAQ: FLYW) from Overweight to Equalweight with a price target of $30.00 (from $27.00).

The analyst comments "Premium valuation is now more aligned with our thesis. Leading into 4Q23 results, we believed NDR stability and scaling levels of net new contribution would support growth in excess of 29% such that if that was the case, shares would quickly re-rate towards our prior $27 price target. The company accelerated NRR (125% in '23 vs. 124% in '22), scaled net new contribution (700+ clients signed in '23 with Education adds accelerating y/y), resolved delayed go-lives, delivered take rate upside even with higher levels of travel seasonality, and marginally improved FX volumes in India. While the company is executing very well and we continue to like the business, risk-reward at current levels appears balanced such that we prefer to step to the sidelines."

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

Shares of Flywire closed at $28.39 yesterday.

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