Shift4 Payments price target raised to $100 from $85 at Wells Fargo

Wells Fargo raised the firm’s price target on Shift4 Payments to $100 from $85 and keeps an Overweight rating on the shares following quarterly results. While the firm’s first impression was negative, after gaining confidence that management has strong visibility into 2024 E2E volume, and commentary that the long-term spread floor is 60bps, Wells sees numerous reasons to remain bullish.