Cowen Starts Paysafe (PSFE) at Outperform
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(Updated - June 28, 2021 9:34 AM EDT)
Cowen analyst George Mihalos initiates coverage on Paysafe (NYSE: PSFE) with an Outperform rating and a price target of $15.00.
The analyst commented, "We initiate coverage of PSFE with an Outperform rating and $15 PT, 18x our 2023E EV/EBITDA. We see PSFE’s differentiator relative to peers stemming from its B2C ("Consumer")businesses, principally led by the Digital Wallet and eCash segments. In our view the key to the PSFE investment case from here is somewhat binary, with success predicated on the~50% of Consumer revenue delivering double-digit top line growth in aggregate, primarily driven by a successful roll-out of the Skrill wallet solution in geographies beyond Europe such as the US. With exposure to fast growing verticals such as iGaming, egaming, and digital financial services – coupled with a narrow and differentiated offering (VIP offerings for heavy iGamers, etc.) we see PSFE carving out a defendable niche space in the digital wallet landscape in the US that is dominated by larger, faster growing providers (PYPL, etc)."
Shares of Paysafe closed at $12.21 yesterday.
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