Euronet upgraded to Peer Perform on increasing diversification at Wolfe

Wolfe Research analyst Darrin Peller upgraded Euronet to Peer Perform from Underperform without a price target. The analyst believes increasing diversification from Piraeus and ATM expansion outside of Europe will continue to limit the impacts of the structural headwinds presented by the cash-to-card conversion in the European ATM business. As the travel industry has largely normalized, Euronet has prudently expanded its portfolio such that the business is likely to remain less cyclically-exposed to seasonal travel trends, the analyst tells investors in a research note.