Nuvei price target lowered to $40 from $70 at Canaccord

Canaccord lowered the firm’s price target on Nuvei to $40 from $70 and keeps a Buy rating on the shares. The firm admits Nuvei is a controversial name but sees the recent selloff as overdone. Baird this is s underscored across several vectors, including strong organic growth in the core e-commerce vertical, along with more accretion expected from the Paya acquisition, steady new logo wins, and a reiterated trajectory to reach a 50% adjusted EBITDA margin over time.