Canaccord Genuity starts coverage on Payfare with 'buy' rating

Payfare

06/04/2022 18:05

** Canaccord Genuity starts coverage on Canadian fintech
firm  PAY.TO  with "buy" rating 
    ** Expects co to see sustained demand for its instant payout
and digital banking solutions post-COVID 
    ** "We believe that much of this behavioral shift in how
goods and services are procured and delivered will endure long
after the pandemic is over" - brokerage 
    ** Sets PT at C$11 ($8.79), implying an upside of 48.6% to
the stock's last close 
    ** Says co has built a reliable platform for gig workers by
enabling free and instant payouts
    ** Sees PAY benefiting from its existing partnerships with
DoorDash  DASH.N , Lyft  LYFT.O  and Uber Canada  UBER.N 
    ** All four brokerages covering the stock rate it "buy" or
higher; their median PT is C$13.50 - Refinitiv data 
    ** Stock down ~14.2% YTD 


($1 = 1.2511 Canadian dollars)

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))