Piper Sandler upgraded Riskified to Overweight from Neutral with a price target of $8, up from $6. The analyst cites valuation for the upgrade, noting the company’s current multiples are at a 50% discount to commerce peers. The firm also sees accelerating growth prospects for Riskified, driven by new merchant momentum, as well as declining customer concentration risk with the company’s top three merchant mix falling to 25% in 2022 from 45% in 2019. Piper believes increasing confidence in a new merchant-led recovery this year should drive a higher share multiple.
Published first on TheFly
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