Nuvei upgraded to Outperformer at CIBC following better than expected outlook

As previously reported, CIBC analyst Todd Coupland upgraded Nuvei to Outperformer from Neutral with a price target of $50, up from $35, after the company reported better than expected Q4 results and gave a Q1 and 2023 outlook that also came in above expectations. Growth in iGaming, travel and online retail, and unified e-commerce verticals, along with the Paya acquisition, support the stronger guidance and the company’s "robust new business trends and wallet-share expansion" should support a return to double-digit organic revenue growth, the analyst tells investors.