Payoneer Global price target lowered to $6 from $7.50 at Citi

Citi analyst Ashwin Shirvaikar lowered the firm’s price target on Payoneer Global to $6 from $7.50 and keeps a Buy rating on the shares. The company reported largely in-line results for a seasonally strong Q4, with solid growth in lower-take-rate, large e-commerce and travel client volume and recovery in higher-yielding business-to-business volume growth, the analyst tells investors in a research note. However, the company’s initial 2024 outlook missed Citi’s below-consensus expectation. The firm says the disappointing outlook was a setback and the stock’s negative reaction to the print was understandable. Payoneer is a “show-me name, in our view, with a plan and attractive valuation,” Citi contends.