Marqeta initiated with a Buy at Monness Crespi

Monness Crespi analyst Gus Gala initiated coverage of Marqeta with a Buy rating and $7.50 price target. The analyst says the company is “ushering in the modern card issuer process era” while expanding its domain from fintechs in need of narrow point solutions to the “greenfield of embedded finance.” The firm likes the company’s pivot to embedded finance and expects faster customer ramps.