J.P. Morgan initiates coverage on Wise's US stock with 'overweight' rating
BUZZ-J.P. Morgan initiates coverage on Wise's US stock with 'overweight' rating ** J.P. Morgan initiates coverage on U.S.-listed stock of Wise WSE.O with "overweight" rating, $17.5 PT; shares marginally up premarket
** Brokerage also raises PT on money transfer co's London stock WISEa.L to 1,320p from 1,260p; maintains "overweight"
** JPM expects Wise to deliver net revenue growth above its mid-term guidance range in Q1 and Q2, on strong momentum in transaction volumes, user activity, customer balances
** Adds, "new platform customers will be added through the year as well as further expansion of existing partnerships"
** Wise last year shifted primary listing to the U.S., retains secondary listing in London where it listed in 2021
** As of last close, stock up 10.5% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))