Payoneer rises as FY23 revenue forecast tops estimates

Payoneer Global

01/03/2023 18:02

** Shares of global payments provider Payoneer Global Inc
 PAYO.O  rise ~15% to $6.64, the highest since November
    ** Stock set to post biggest one-day pct rise since August,
if gains hold
    ** PAYO after market on Tuesday forecast FY23 revenue at
$800 mln to $810 mln vs est ~$738.4 mln - Refinitiv
    ** Company's Q4 net loss narrowed to $10.2 mln from $18.9
mln a year earlier
    ** Goldman Sachs raises PAYO PT to $7 from $6.50; maintains
"buy" rating; says company's customer acquisition costs were
extremely minimal in FY22
    ** Company's investments in its customer onboarding platform
can enable it to grow more profitably - Goldman Sachs
    ** Jefferies also raises PT to $7.50 from $7
    ** Stock up ~22% YTD, including session's gains
    
    

 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))