Shares of Payoneer Global Inc. (PAYO) surged 5.15% in Tuesday's trading session, following a significant analyst upgrade. The fintech company's stock received a boost after Keefe Bruyette & Woods (KBW) raised its rating on Payoneer from Market Perform to Outperform.
KBW not only upgraded its recommendation but also increased its price target for Payoneer from $7 to $9, signaling strong confidence in the company's future prospects. This new target represents substantial upside potential from the stock's current trading levels.
The upgrade comes as part of a broader reassessment of fintech stocks by analysts. Payoneer, which provides cross-border payment solutions for businesses, has been gaining attention in the rapidly evolving digital payments landscape. The company's global reach and innovative platform appear to be key factors driving the positive outlook.
According to FactSet data, Payoneer now has an average rating of "Buy" among analysts covering the stock, with a mean price target of $10.25. This consensus view suggests that other analysts also see potential in Payoneer's business model and growth trajectory.
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