UPDATE: Goldman Sachs Reinstates Marqeta Inc. (MQ) at Neutral
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Goldman Sachs analyst Michael Ng reinstates coverage on Marqeta Inc. (NASDAQ: MQ) with a Neutral rating and a price target of $18.00.
The analyst comments "Marqeta is a modern card issuer processor that allows customers to establish and manage customized card programs of all types (debit, prepaid, or credit) through its cloud-based, open-API platform that increases speed-to-market and enables features such as just-in-time funding and dynamic spend controls, tokenization-as-a-service, and real-time notifications. We believe that Marqeta is well positioned to gain share in the US card issuer processor market and should benefit from its leading role as a modern card issuer processor as well as its track record and exposure to fast-growing technology customers in key verticals including digital banking, buy now pay later, on demand delivery, cryptocurrency, and expense management. That said, with MQ trading at 18X NTM+1Y EV/gross profit, MQ's opportunity is appropriately reflected in its valuation, while mid-to-long term risks include customer concentration, increased competition, and regulatory changes."
Shares of Marqeta Inc. closed at $13.71 yesterday.
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