Payoneer Global price target lowered to $9 from $10 at Citi

Citi lowered the firm’s price target on Payoneer Global to $9 from $10 and keeps a Buy rating on the shares. A volume mix shift to lower-yielding travel and larger e-commerce clients led to revenue being roughly in line with consensus rather than beating like prior quarters, the analyst tells investors in a research note. However, Q4 has started well with an acceleration into October and continued interest income outperformance, coupled with the solid expense efficiency improvement, helped deliver a “strong beat-and-raise” in adjusted EBITDA, says the firm.