Marqeta rises after Wells Fargo upgrades to 'overweight'

Marqeta

25/06/2024 16:05

** Shares of card issuing platform Marqeta  MQ.O  rise as
much as 4.5%, last up 3.1% at $5.47
    ** Wells Fargo Securities upgrades MQ to "overweight" from
"equal weight"; maintains PT of $7, a 32.1% upside to stock's
last close
    ** Brokerage says post Q2 2024, MQ will have lapped Cash App
renewal impacts and the management can finally shift from
forecasting larger declines and provide a more palatable outlook
    ** MQ's Q1 net revenue was hit due to a contract renewal
with Block's  SQ.N  Cash App, which led to a change in revenue
presentation along with reduced pricing
    ** Adds that management's prudent cost discipline is a key
factor to profitability
    ** Twelve of 17 brokerages rate the stock "buy" or higher
and five "hold"; their median PT is $7 - LSEG
    ** As of last close, MQ shares were down 24.1% YTD

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