Payoneer Global Inc. (NASDAQ:PAYO) is one of the single-digit stocks with double-digit growth potential. On March 25, BofA initiated coverage of Payoneer Global Inc. (NASDAQ:PAYO) with a Buy rating and a $6.00 price target.
The bullish stance comes amid expectations that the company is well-positioned to evolve from a marketplace payout specialist into a multi-currency financial stack for small and medium-sized businesses. The transition could come as Payoneer Global is in a phase of robust growth, driven by its scale and the high growth opportunities in the $6 trillion addressable market.
In addition, BofA expects the company to capitalize on continued marketplace payout strength and take rate uplift from accounts payable cards and foreign exchange. Operating leverage and strong cash generation are also expected to provide scope for further cash returns to shareholders. The research firm expects the company to achieve 13% core revenue compound annual growth, 14% core adjusted EBITDA compound annual growth, and 15% free cash flow growth.
Payoneer Global Inc. (NASDAQ:PAYO) is a global financial services company that enables businesses, online sellers, and freelancers to get paid, manage currency, and make international payments. It provides multi-currency accounts, prepaid debit cards, working capital solutions, and workforce management tools to streamline cross-border transactions.
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