Nuvei rises as Barclays starts coverage with 'overweight'

Nuvei

20/12/2023 18:41

** U.S.-listed shares  NVEI.O  of fintech firm Nuvei up
4.5% at $26.64
    ** Brokerage Barclays starts coverage with "overweight"
rating and $34 PT
    ** New PT represents 33% upside to stock's last close
    ** Barclays says payment processing firm positioned to
benefit from shift in sector to alternative payment methods and
account-to-account transfers, in and outside U.S.
    ** Brokerage adds NVEI also looking to expand to other
verticals and its healthy gross-profit growth, core profit
margins and large market share, will likely reward investors
over the long term
    ** NVEI's extensive experience in online gaming/gambling
payments acts as a differentiator as most larger peers do not
operate in the vertical - Barclays
    ** Nuvei's Canada-listed shares up 4.4% at C$35.50
    ** 9 of 10 brokerages rate the stock "buy" and 1 "hold;
median PT $29.50 - LSEG
    ** Including session's gains, stock up 4.9% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))