Euronet price target lowered to $115 from $125 at Needham

Needham lowered the firm’s price target on Euronet to $115 from $125 but keeps a Buy rating on the shares following investor meetings with its management at the Needham FinTech and Digital Transformation Conference. The discussions largely focused on European travel trends and the corresponding impact on the EFT segment, which came in softer than expected in Q2 due to weaker intra-European travel transactions while causing Euronet to trim its FY23 outlook, the analyst tells investors in a research note. But while the near-term headwinds are expected to persist, growth and profitability for the company are set to bounce back once travel trends in Europe normalize, the firm added.