Wells Fargo turns more positive on Shift4 Payments
Shares of payments firm Shift4 Payments FOUR.N rose 2.5% to $49.2 after Wells Fargo upgraded the stock to "overweight" from "equal weight".
The brokerage said there has been ample negativity around FOUR, partly due to unforced communication errors, but sees scope for upside if investor confidence improves.
It said confidence could improve on progress in international expansion, Global Blue revenue synergies, stronger free cash flow generation and potential strategic alternatives.
Wells Fargo also said Middle East challenges remain a wild card but are well understood by investors, and it sees organic growth as resilient despite regional uncertainty.
The brokerage raised its price target to $59 from $55, implying 22.9% upside to the stock's last close.
Including the session's move, the stock was down 21.5% year to date.
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