Nuvei initiated with a Buy at Seaport Research

Seaport Research analyst Jeff Cantwell initiated coverage of Nuvei with a Buy rating and $25 price target. The firm likes the outlook for Global Commerce, where it sees numerous opportunities for further expansion in volumes and revenues, and also believes the Paya acquisition will catalyze strong future growth in the B2B, Government and ISV channel, the analyst tells investors. Seaport sees the company generating mid-teens revenue growth with expanding adjusted EBITDA dollars and margins in 2024-25, the analyst added.