Euronet downgraded to Neutral from Buy at Citi

Citi downgraded Euronet (EEFT) to Neutral from Buy with a price target of $110, down from $118. The firm continues to like the company’s “strong execution track record and ongoing business diversification.” However, it does not see a clear near-term catalyst for multiple expansion, despite a “quite reasonable valuation.” Normalizing travel to Euronet’s key tourism markets and pressure on traveler destination spend are factors to consider for investors, the analyst tells investors in a research note.