As previously reported, SMBC Nikko analyst Andrew Bauch upgraded Shift4 Payments to Outperform from Neutral with a price target of $85, up from $75. The firm had previously been skeptical on the story in late 2022 as it felt investors were overzealous on 2023 profitability expectations, contributions from new verticals and were potentially overlooking financial reporting complexities, but management "satisfied" last quarter on all of those concerns. The optimism around profitability upside "appears justified," while the momentum in new logos and verticals is "showing no signs of slowing," the analyst tells investors.
Published first on TheFly
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