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Payoneer Shares Surge on Strong Beat and Raise, Analysts Bulled Up

2022.08.12 16:18

Payoneer Shares Surge on Strong Beat and Raise, Analysts Bulled Up
Payoneer (PAYO) Shares Surge on Strong Beat and Raise, Analysts Bulled Up

By Senad Karaahmetovic

Shares of Payoneer Global (NASDAQ:PAYO) shares are trading over 20% higher in premarket trading on Friday after the fintech company delivered strong Q2 results and upgraded its full-year guidance.

Payoneer reported an EPS of $0.01 on revenue of $148.2 million, much better than the analyst consensus of a loss per share of $0.05 to revenue of $131.6 million.

On a full-year basis, the company now sees an adjusted EBITDA between $30 million and $35 million, a big upgrade compared to the prior forecast that was calling for a loss of $10 million to $20 million. Analysts were expecting a loss of $12.2 million.

Payoneer also expects to see revenues between $580 million and $590 million, up from the prior $550 million to $560 million and higher than the consensus of $563.3 million.

“We are growing the number of customers using our services, benefitting from our strategic expansion into higher value services, as well as seeing better-than-expected results from Ukraine and rising interest rate tailwinds,” the company said.

A Goldman Sachs analyst said PAYO delivered a “beat and raise with considerable top and bottom line momentum into 2H22.”

The analyst hiked the price target to $8.50 from $6.50 and reiterated a Buy rating as “we factor in greater conviction around the interest income benefits and a stronger profitability profile vs our prior estimates.”

“We expect shares to perform strongly post PAYO’s 2Q results, in which PAYO put up a strong beat and raise and also guided to consistent profitability on a go forward basis. In addition, while the company will likely see more of a benefit in the back half of the year, we think the incremental disclosures around $20mn in runrate interest income is a helpful sign of things to come (and conservative in our view),” Nance added.

A Citi analyst raised the price target to $9 from $7.50 to reflect “handily” beats and raises.

“Payoneer reported a solid quarter benefiting from the continued growth of its customer base and new geographies, higher rates and greater use of non-volume based services. We believe the higher take rates should be sustainable on a full-year basis… Payoneer is building a good track record of performance of controllable factors vs. expectations,” the analyst added in a note.

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