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”
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