Nuvei: Canaccord Lifts Price Target To US$140

On September 23, Nuvei Corporation (TSX: NVEI) announced that they have partnered with U.S internet gaming operators to provide their customers with verified withdrawals. Nuvei says, “Verified, instant withdrawals offer an enhanced user experience and are available to operators through Nuvei’s Instant Bank Transfer technology.”

Nuvei currently has 12 analysts covering the stock with an average 12-month price target of U$125.52. Out of the 12 analysts, 3 have strong buy ratings, 7 have buy ratings and 2 have hold ratings. The street high sits at U$155 while the lowest comes in at U$100.

On September 26th, Canaccord raised their 12-month price target on Nuvei to U$140 from U$130, while reiterating their buy rating on the stock, saying, “Nuvei not resting on its laurels despite 40+% organic growth.”

Canaccord says that on top of this announcement, Nuvei “continues to focus on building leading-edge payments functionality across the broader sports betting landscape,” as it has recently partnered with Plaid to add withdrawals on gaming bets. They also believe that the company is using its balance sheet and cash wisely, as they talk highly of their expansion into South America.

They believe that these most recent moves are validation of Canaccord’s thesis. This goes something along the lines of “Whether it is Nuvei’s unique payments platform architecture, majority exposure to fast-growth eCommerce, impressive global footprint, or à la carte service offerings”


The author has no securities or affiliations related to any organization mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

BMO Lowers Price Target On Equinox Gold Following Production Suspension At RDM Mine

Earlier this month Equinox Gold (TSX: EQX) revealed that they are temporarily suspending operations at...

Monday, May 30, 2022, 10:58:00 AM

Alamos Gold: BMO Production Estimates For Q4 Comes In High

On January 17th, Alamos Gold Inc. (TSX: AGI) reported its fourth quarter and full-year production...

Sunday, February 6, 2022, 11:13:00 AM

General Motors: Analysts Expect Q2 Revenues Of $30.9 Billion

General Motors (NYSE: GM) will be reporting its second quarter financial results before the market...

Tuesday, August 3, 2021, 03:58:00 PM

Cameco: Canaccord Anticipates Mixed Results For Q2 2022

Cameco (TSX: CCO) is expected to report its second quarter financial results on July 27...

Monday, July 25, 2022, 04:47:00 PM

Vintage Wine Estates Sees Canaccord Initiate Coverage With $17.00 Price Target

It’s been a pretty busy month for Vintage Wine Estates (NASDAQ: VWE), a SPAC that...

Monday, June 21, 2021, 03:49:00 PM