Paya Holdings downgraded to Neutral from Buy at BTIG

BTIG analyst Mark Palmer downgraded Paya Holdings (PAYA) to Neutral from Buy after Nuvei (NVEI) agreed to acquire Paya in an all-cash transaction at $9.75 per share. The multiple of adjusted EBITDA implied by the price is quite fair, especially in light of the current depressed state of the FinTech market, and as such, it is unlikely that another suitor for Paya will emerge with a higher bid, the analyst tells investors in a research note.