Electronic payment processing company Nuvei Corporation (NASDAQ: NVEI) recently revealed that it has entered into a partnership agreement with Wix (NASDAQ: WIX), a SaaS platform operator, to facilitate payment processing for the latter’s merchants in North America.
Following the news, shares of the company declined marginally to close at $67.43 on Thursday.
Nuvei is slated to report its upcoming earnings on March 9, 2022.
The partnership will involve Nuvei providing its payment processing capabilities to Wix’s merchants, which, in turn, will ensure an efficient online shopping and digital payment experience for consumers.
Nuvei is likely to benefit from this partnership with an increased reach of its payments solution and brand, while Wix expects to maximize transaction success rate for its clients.
The CEO of Nuvei, Philip Fayer, said, “Nuvei and Wix are both high-tech, Nasdaq-listed companies experiencing hyper-growth across the globe. The entire tech sector is watching closely what we and Wix are doing as two fast-growing global experts in our fields. We’re delighted to be a part of Wix’s expansion plans.”
Wall Street’s Take
Recently, Goldman Sachs analyst Will Nance initiated coverage on the stock with a Buy rating and a price target of $96, which implies upside potential of 42.4% from current levels.
The analyst stated that the company is likely to continue to benefit from its “high growth, niche verticals and expand the approach to grow its client relationships.”
Consensus among analysts is a Strong Buy based on 7 Buys and 1 Hold. The average Nuvei stock prediction of $128.42 implies upside potential of 90.5% from current levels. Shares have gained 23.5% over the past year.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.