Payoneer Global price target lowered to $7 from $8 at Needham

Needham lowered the firm’s price target on Payoneer Global to $7 from $8 and keeps a Buy rating on the shares. The firm is updating its model following the company’s recent comments and a closer look into e-commerce volumes and product data as the management noted that strong e-commerce volumes in Q4 from robust holiday spending have been flowing into Q1, which is expected to drive revenue strength, the analyst tells investors in a research note. Needham adds however that its FY25 estimates for Payoneer Global are reduced to reflect lower float income given expectations for interest rates to decline overtime.