Jefferies downgrades NZ's SmartPay on share price surge driven by bids

Smartpay Holdings

26/03/2025 19:54

** Jefferies downgrades payment solutions provider SmartPay SPY.NZ on co's recent share price appreciation driven by two bids

** Brokerage makes no changes to earnings, stating current business holds fair value

** Jefferies says transitioning NZ business to an acquiring revenue model like AU could enhance valuations and SPY is set to widen this approach to more existing and new merchants soon

** Downgrades to 'hold' from 'buy'; keeps target price of ASX-listed shares SMP.AX at A$0.80

** SPY up 34.7% YTD

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))