Paya Holdings downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Timothy Chiodo downgraded Paya Holdings (PAYA) to Neutral from Outperform with a price target of $9.75, up from $9. The analyst notes Nuvei (NVEI) announced a planned all-cash acquisition of Paya for about $1.3B. He is positive on the directional diversification into less cyclical/discretionary end-markets, balancing Nuvei’s currently more discretionary mix. Chiodo points out that Paya has slower growth and lower margins relative to Nuvei, but also comes with more stable end-markets.