Nuvei price target lowered to $28 from $47 at Raymond James

Raymond James analyst John Davis lowered the firm’s price target on Nuvei to $28 from $47 and keeps an Outperform rating on the shares. While Nuvei’s Q2 results featured revenue that was largely in line and 3% adjusted EBITDA upside, the Q3 guidance is below the Street on revenue and EBITDA and the 2023 outlook was also reduced, largely a function of longer lag times in new business ramping and the exiting of a top 10 customer, the analyst tells investors in a research note.