Nuvei upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Will Nance upgraded Nuvei to Buy from Neutral with a price target of $35, down from $36. The analyst believes the company’s growth is set to "inflect higher" in the second half of 2023 as it laps currency and digital asset-related headwinds that have negatively impacted results over the last few quarters. This should help to improve confidence in the underlying growth of Nuvei’s end-markets and help to improve the outlook for margins, particularly as the pace of hiring slows in 2023, Nance tells investors in a research note. Additionally, the analyst is incrementally more constructive on the resiliency of Nuvei’s gaming and currency trading exposures.