Marqeta Inc. shares powered 5.7% higher Monday as the card-issuing name found a new fan on Wall Street. BofA’s Cassie Chan upgraded the stock to buy from neutral earlier in the day, saying that Marqeta
MQ,
+5.72%
boasts the “enviable combination” of near-term visibility into its financials and emerging opportunities that could help spur 20% growth over the medium term.
Chan noted that customers representing 75% of Marqeta’s total payment volume renewed deals between the second quarter of 2022 and the third quarter of 2023, and that numerous big clients have attractive growth outlooks. Block Inc.
SQ,
+2.93%,
DoorDash Inc.
DASH,
-0.73%
and Affirm Holdings Inc.
AFRM,
+2.60%
are each expected to grow revenue between 15% and 20% over the next two years, she noted. See also: This Block catalyst could send the stock soaring 20%, says analyst Marqeta seeks to modernize the process of issuing cards, and the company is working with Block on the Cash Card debit card that’s tied to its Cash App. Marqeta also helps companies that have unique needs for cards, including gig-economy players like DoorDash that need to ensure that workers shopping on behalf of customers can pay for the items in those orders — but nothing else. Read: Here’s why debating Affirm’s valuation may be ‘fruitless’ While the company’s business has been debit-focused thus far, Chan sees opportunity for the company …
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MQ,
+5.72%
boasts the “enviable combination” of near-term visibility into its financials and emerging opportunities that could help spur 20% growth over the medium term.
Chan noted that customers representing 75% of Marqeta’s total payment volume renewed deals between the second quarter of 2022 and the third quarter of 2023, and that numerous big clients have attractive growth outlooks. Block Inc.
SQ,
+2.93%,
DoorDash Inc.
DASH,
-0.73%
and Affirm Holdings Inc.
AFRM,
+2.60%
are each expected to grow revenue between 15% and 20% over the next two years, she noted. See also: This Block catalyst could send the stock soaring 20%, says analyst Marqeta seeks to modernize the process of issuing cards, and the company is working with Block on the Cash Card debit card that’s tied to its Cash App. Marqeta also helps companies that have unique needs for cards, including gig-economy players like DoorDash that need to ensure that workers shopping on behalf of customers can pay for the items in those orders — but nothing else. Read: Here’s why debating Affirm’s valuation may be ‘fruitless’ While the company’s business has been debit-focused thus far, Chan sees opportunity for the company …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]