Repay Holdings price target lowered to $10 from $12 at Truist

Truist lowered the firm’s price target on Repay Holdings to $10 from $12 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 earnings in FinTech. Many of the firm’s covered names are slumping, and while broadly constructive, Q3 results may not be catalysts for some of its “favorite laggard ideas”, the analyst tells investors in a research note. Truist also believes that the challenges, including competition, commoditization, price pressure, and investments needed to move up-market and into more complex SMBs, will not quickly abate. The firm adds that if REPAY does not materially beat Q3 estimates and raise guidance, investors will question the company’s ability to model its business, considering that the management’s initial 2023 guidance carried a caveat that it anticipated a moderate recession.