Paysafe price target raised to $26 from $22 at BTIG

BTIG raised the firm’s price target on Paysafe to $26 from $22 and keeps a Buy rating on the shares. The stock has increased 70% year-tp-date as the company has gradually reduced its leverage ratio while also posting a few consecutive quarters that demonstrate management has not only stabilized the business, but also has begun to position it for accelerated growth, the analyst tells investors in a research note. The firm says that while Paysafe’s leverage remains elevated, the company has demonstrated its operations are poised to drive leverage towards management’s 3.5-times target, “which should create equity value for shareholders along the way.” The company’s turnaround and deleverage story is “well on pace,” creating continued upside for equity holders, contends BTIG.