Expensify jumps after Q2 profit beat
EXFY•Shares rise after profit beat and upgrade
Spend management platform Expensify's EXFY.O shares jump 6.6% to $2.11 premarket.
EXFY late Thursday posted quarterly profit above Street expectations for the second straight quarter.
Citizens JMP Securities upgrades EXFY to "market outperform" from "Market perform" with a $3 PT, which represents 51.5% upside to last close.
Citizens analyst Aaron Kimson says EXFY is set up to return to growth over the next 12 months after shrinking for 13 straight quarter.
"We think that any return to growth will cause the stock to re-rate," he added.
One of three brokerages rate the stock "buy" and two "hold"; median PT $2.50 - data compiled by LSEG.
As of last close, EXFY stock up 31.1% YTD.
