UBS starts Nayax at Neutral with revenue growth priced in

UBS initiated coverage of Nayax with a Neutral rating and $29 price target. The analyst says that with the shares up 37% year-to-date, the market is appropriately pricing in the firm’s expectations for 34% annual revenue growth and below-peer margins through 2025. UBS view Nayax as being well positioned to continue gaining share in a “high-growth sub-vertical” of payments, but sees a more balanced risk/reward profile for the shares at current levels, the analyst tells investors in a research note. The firm sees limited upside to Street estimates.