Lightspeed upgraded to Outperform from Neutral at SMBC Nikko

SMBC Nikko analyst Andrew Bauch upgraded Lightspeed to Outperform from Neutral with an unchanged price target of $21. Bauch believes management has enough talking points at its disposal to build optimism for the years ahead, though he acknowledges that he is cautious around the upcoming print, given macro volatility and Lightspeed’s cyclical end markets. He thinks 3x CY24 gross profit is too cheap and sees a far greater likelihood of a positive multiple re-rating than the contrary, Bauch tells investors in a research note.