Payfare downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Stephen Boland downgraded Payfare (PYFRF) to Market Perform from Outperform with a price target of C$3, down from C$12. Payfare announced on September 26 that the company would not renew its services agreement with DoorDash (DASH) beyond the current term in early 2025, which the firm views as materially negative for the company as the DashDirect card program is currently the company’s largest program, representing a material amount of the company’s total revenues, the analyst tells investors in a research note.