Australia's Tyro Payments rises; Morningstar sees upside despite competition concerns

Tyro Payments

03/06/2024 06:52

** Shares of payments technology firm Tyro Payments  TYR.AX 
rise as much as 6.2% to A$0.855, their biggest one-day pct gain
March 5
    ** Morningstar says TYR shares are undervalued despite lower
merchant fees due to competition and reduced transaction volumes
forecasts
    ** Says investors may be concerned about merchant defections
to rival platform Kounta; trims PT on TYR to A$1.70 from A$1.85
    ** "However, we think concerns are overblown and still see
value in Tyro, given its superior utility to merchants, which
should counter risks" - Morningstar
    ** Seven analysts rate the stock "buy" or higher, two "hold"
and one "sell"; their median PT is A$1.39 – LSEG data
    ** Stock down 27.2% YTD, based on last close

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))