Morgan Stanley Sees Slower Margin Expansion Lightspeed POS Inc. (LSPD) PT Lowered to $31

Morgan Stanley analyst Josh Baer lowered the price target on Lightspeed POS Inc. (NYSE: LSPD) to $31.00 (from $44.00) after the company posted results ahead of expectations and initiated guidance ahead of consensus, including outperformance on EBITDA margin while increasing its commentary on profitability.

The analyst reiterated an Equalweight rating, stating "We lowered our forward estimates given: 1) exposure to SMB and partial payments revenue stream from consumer spend, 2) moving past an active period of M&A we are left with organic growth and some churn impacts from acquired customers leaving the platform, and 3) a more moderate pace of margin expansion vs. our prior model. Net, out year Ebitda and FCF move lower.".

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