Shift4 Payments price target lowered to $105 from $110 at Evercore ISI

Evercore ISI lowered the firm’s price target on Shift4 Payments to $105 from $110 and keeps an Outperform rating on the shares. For 2024, management expects well above 25% organic growth and 250 basis points of organic margin expansion, notes the analyst, who sees “conservatism in management’s assumptions,” creating potential upside to guidance as the year progresses. The firm is raising its 2024 and 2025 adjusted EBITDA forecasts by $20M and $50M to $680M and $850M, respectively, but is trimming its price target on a higher share count.