Berenberg Starts Payoneer (PAYO) at Buy, 'Execution of management’s comprehensive plan should boost revenue growth'
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Berenberg analyst Mark Palmer initiates coverage on Payoneer (NASDAQ: PAYO) with a Buy rating and a price target of $7.00.
The analyst comments "Execution of management’s comprehensive plan should boost revenue growth and profitability by enhancing platform’s focus and efficiency. Since going public through a SPAC merger in June 2021, PAYO has struggled to gain traction with investors, many of whom have mistakenly perceived the company as nothing more than an untimely e-commerce play with slower growth than its peers and significant concentration in China. CEO John Caplan since taking the reins in March has put in place a plan for PAYO to profitably serve the crossborder payment needs of more small- and medium-sized businesses (SMBs) in emerging markets. The company has focused its acquisition and service model on the subset of those businesses that fit its ideal customer profile (ICP) – those that generate over $500 in monthly payment volume – as this offers a path to sustained, profitable growth."
Shares of Payoneer closed at $4.61 yesterday.
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