KeyBanc downgrades Marqeta to 'sector weight'; shares fall

Marqeta

05/11/2024 15:15

** Shares of card issuer Marqeta  MQ.O  fall 39.5% to $3.6
    ** KeyBanc downgrades MQ to "sector weight" from
"overweight" rating, citing substantial revision of 2024 profit
forecast and initial 2025 growth to be below Wall Street
estimates  
    ** Brokerage says regulatory scrutiny of Marqeta bank
partners has created log-jam of new card programs 
    ** 6 of 17 brokerages rate MQ stock "buy" or higher, 11
"hold"; their median PT is $5 - LSEG data
    ** Including session's moves, stock down ~47.4% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))