Payoneer Global initiated with a Buy at Berenberg

Berenberg analyst Mark Palmer initiated coverage of Payoneer Global (PAYO) with a Buy rating and $7 price target. The firm, which is starting coverage of both Payoneer and i3 Verticals (IIIV), says both are small-cap digital payment companies, but the two are “very different firms in terms of both geographic scope and the parts of the payments ecosystem on which they are focused.” However, the firm argues that both stocks are “overlooked and undervalued.”