Shift4 Payments price target raised to $70 from $66 at Morgan Stanley

Morgan Stanley analyst James Faucette raised the firm’s price target on Shift4 Payments to $70 from $66 and keeps an Equal Weight rating on the shares after management raised the FY24 outlook on stable organic trends, Q2 outperformance, and M&A. The firm thinks a growth ramp in the second half is “well supported” by a robust pipeline, SkyTab, international expansion, and seasonality, but expects gateway conversion will be a smaller contributor to E2E volume growth given its view that Shift4 has already converted the majority of low-hanging fruit, the analyst tells investors.