Citi opens ‘positive catalyst watch’ on Flywire ahead of earnings

Citi opened a “90-day positive catalyst watch” on Flywire as the firm expects “solid” Q4 results and a 2024 outlook consistent with its medium-term target for 30%-plus top-line growth to support a recovery in the stock price. The company’s first revenue miss versus consensus in Q3 and the “subsequent overblown stock reaction” led some investors to expect a materially lower outlook, but the firm has confidence given the company’s bookings commentary and relative mix, as well as progress in mitigating some factors that contributed to the Q3 miss, says the analyst, who has a Buy rating and $32 price target on the shares.