Nuvei price target lowered to $36 from $44 at BofA

BofA analyst Jason Kupferberg lowered the firm’s price target on Nuvei to $36 from $44 and keeps a Buy rating on the shares following what the firm calls “a second consecutive disappointing print.” Nuvei lowered its FY23 guidance for all metrics and “even more surprisingly” lowered its medium-term revenue growth guidance to 15%-20%, “just 5 months after” it was previously adjusted, the analyst noted. Fundamentally, “we don’t think the business is broken,” which leads the firm to reiterate its Buy rating as it sees an “attractive valuation” after the stock’s pullback, the analyst added.