Marqeta rises after BofA upgrades to 'buy'

Marqeta

12/02/2024 18:40

** Card issuing platform Marqeta's  MQ.O  shares rise 6.6%
to $6.15 after BofA Global Research upgrades to "buy" from
"neutral"
    ** Brokerage expects MQ to grow revenue by more than 20% in
the medium-term with key customers Block  SQ.N , Doordash
 DASH.O  and Affirm Holdings  AFRM.O  all expected to grow revs
in the 15%-20% range over next two years
    ** BofA believes MQ will continue to reduce hiring outside
key focus areas, driving margins upside
    ** Stock has not gotten enough credit for a solid investor
day and represents an attractive entry point - brokerage
    ** Eleven of 17 brokerages rate the stock "buy" or higher
and six "hold"; median PT is $7.75 - LSEG
    ** Stock gained 14.2% in 2023

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