Baird Downgrades Paymentus (PAY) to Neutral

Baird analyst David Koning downgraded Paymentus (NYSE: PAY) from Outperform to Neutral with a price target of $18.00 (from $16.00).

The analyst comments "We are downgrading to Neutral as the stock has rallied significantly and now is at >6X 2024E revenue (now toward the higher end of the comp group). Key elements of our thesis have played out (energy inflation has waned, incremental EBITDA margins have remained high, stock comp has been added back to adjusted EPS, and the stock has rallied). We continue to like the company a lot, but the 101% ytd move (S&P +16% ytd) has left risk/reward more balanced."

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

Shares of Paymentus closed at $16.14 yesterday.

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