Marqeta price target lowered to $8 from $13.50 at Credit Suisse

Credit Suisse analyst Timothy Chiodo lowered the firm’s price target on Marqeta to $8 from $13.50 and keeps an Outperform rating on the shares. The firm notes Marqeta provided disappointing full year 2023 gross profit guidance in the mid-teens versus prior Street expectations of about 30% growth. And while four of its top eight customers were renewed and confidence was conveyed in terms of a Block renewal ahead, the outlook was impacted by weakness in new customer bookings during Q4 2021 – Q3 2022 and a reduction in network incentives, Credit Suisse says.