National Bank downgraded Lightspeed to Sector Perform from Outperform with an unchanged price target of $25. The company’s Q3 results show Lightspeed executing on its Payments focus this fiscal year, though the stock fell 24% today on cautious commentary around the FY25 outlook, the analyst tells investors in a research note. Lightspeed management pointed to new and unexpected investment into sales and marketing to accelerate merchant additions, and because of that investment, margins will compress in the first half of 2025, the firm added.
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