Marqeta price target lowered to $8 from $14 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on Marqeta (MQ) to $8 from $14 and keeps an Overweight rating on the shares. The firm is lowering its 2023 and 2024 GMV expectations due to a tightening macro backdrop and slowing growth in BNPL and expense management, but said it views Marqeta as "an event stock" surrounding renewal of the company’s agreement with Square (SQ), which it expects to be the primary driver of the share price going forward. The risk/reward "looks attractive" as the renewal "has the potential to surprise investor expectations to the upside," the analyst tells investors.