Priority Technology initiated with a Market Perform at Keefe Bruyette

Keefe Bruyette analyst Michael Perito initiated coverage of Priority Technology with a Market Perform rating and $4.50 price target. Priority finds itself at the nexus of banking and payments, offering customers a unified, full-stack payment and banking experience to expedite money movement and reduce cost, the firm says. While this value proposition seems differentiated and Priority Technology’s customer growth has been significant in certain areas, Keefe believes the risks for equity investors regarding Priority Technology are somewhat unique given the company’s relatively short operational history in its two fastest-growing segments, in addition to limited profitability and trading liquidity today.