Expensify falls after JMP Securities downgrades to 'market perform'

Expensify

25/11/2024 19:04

** Shares of payments app Expensify  EXFY.O  fall as much as
7.8%; last down 6.6% at $3.18
    ** Citizens JMP Securities downgrades EXFY to "market
perform" from "market outperform" after the company exceeds
brokerage's prior $3.25 price target
    ** Brokerage says when it had upgraded the stock after Q2
2024 results, it cited a variety of tactical reasons, many of
which have played out
    ** Adds that given the move in the stock, EXFY needs to
return to growth for the story to continue working
    ** Substantial discounts to its peer group justified by
EXFY's slower relative growth in a difficult macro environment —
JMP Securities 
    ** Two of five brokerages rate the stock "buy" or higher and
three "hold"; median PT $3 — LSEG
    ** As of last close, EXFY shares up 37.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))