Flywire price target raised to $35 from $30 at Truist

Truist analyst Andrew Jeffrey raised the firm’s price target on Flywire to $35 from $30 and keeps a Buy rating on the shares as part of a broader research note on FinTech names. The analyst believes that investors should focus on relative 2022 FinTech outperformers but also contends that "a catalyst is needed" for relative 2023 outperformance and sees M&A as the most likely valuation driver. Jeffrey adds that Flywire’s value proposition has not wavered, and he believes that it will be hard for detractors to remain short on the stock.