Nuvei price target raised to $49 from $40 at Raymond James

Raymond James analyst John Davis raised the firm’s price target on Nuvei to $49 from $40 and keeps an Outperform rating on the shares. Nuvei’s solid Q4 results featured upside to all key metrics and initial guidance was largely as expected, the analyst tells investors in a research note, adding that some conservatism is likely embedded in the outlook. The firm thinks 2023 is shaping up to be a key turning point where revenue and earnings quality improve as crypto headwinds dissipate in 2H23, Paya is integrated, and other more strategic/predictable verticals experience faster growth.