Marqeta upgraded to Neutral from Underperform at SMBC Nikko

SMBC Nikko analyst Andrew Bauch upgraded Marqeta (MQ) to Neutral from Underperform with an unchanged price target of $8. Bauch believes the risk/reward on the short side has played itself out and thinks an upgrade is timely, the analyst tells investors in a research note. He sees a reasonable possibility that two of the largest overhangs in the story — the renegotiation of the operating agreement with Block (SQ) and the appointment of a new CEO — will be alleviated in the near-term.