Why Payoneer Global Stock Plunged by Almost 4% Today
Key Points
One analyst tracking the fintech cut his price target.
He shaved it by $2 per share, but maintained his existing recommendation.
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Fintech company Payoneer (NASDAQ: PAYO) didn't have a triumphant Tuesday on the stock market. The company's shares dipped by nearly 4% that day, thanks in no small part to a price target cut by an analyst.
$2 haircut
Before market open that day, Benchmark's Mark Palmer reduced his Payoneer price target to $10 per share from his preceding $12. He remains bullish on the company's prospects, however, as he maintained his buy recommendation.
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The main reason for Palmer's adjustment, according to reports, is his expectation that continued macroeconomic uncertainty will negatively affect the company's fundamentals. The analyst adjusted his full-year 2026 revenue and profitability estimates to reflect this, which in turn led him to reduce his fair value assessment on the stock.
Palmer kept his buy recommendation intact because he still believes Payoneer is on track for inspiring growth in the long term.
Partners in growth
Payoneer's specialty, providing fintech services to small and mid-sized businesses (SMB), is an appealing one that always has growth potential. After all, if they're successful, such enterprises tend to get larger and require more of those services, so Payoneer is always in a position to grow along with its clients.
Since going public in 2021, revenue for the company has more than doubled (to $987 million last year). While the global economy has experienced its share of hiccups lately, it remains largely thriving, and that alone should enhance Payoneer's fundamentals going forward.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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