UPDATE: Credit Suisse Starts Paysafe (PSFE) at Outperform

May 10, 2021 4:33 AM EDT
Get Alerts PSFE Hot Sheet
Price: $11.25 -0.97%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 13 | New: 24
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(Updated - May 10, 2021 4:53 AM EDT)

Credit Suisse analyst Timothy Chiodo initiates coverage on Paysafe (NYSE: PSFE) with a Outperform rating and a price target of $17.00.

The analyst comments "Paysafe is operating in attractive “swimlanes” as a global payments provider focused on eCommerce and integrated solutions (~75% of revenues across all three segments have an underlying online end market and/or come via integrated channels), addressing the needs of both merchants and consumers in enabling digital commerce. Given our outlook for a ~10% top-line 2020-2023E CAGR alongside an EBITDA CAGR approaching ~16%, we believe shares are attractive at current levels, particularly given the potential for medium-term upside associated with the US online gambling opportunity. Further, Paysafe has a track record of M&A that has led to increased global scale, diversification of revenue streams, and complimentary capabilities, with the potential for more ahead. (We expect leverage to approach ~2x by 2022E.)"

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

Shares of Paysafe closed at $13.45 yesterday.

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