PAYO - Payoneer Global stock gains after PT increase at Citigroup following strong Q1 earnings results and FY2022 outlook

Payoneer Global (NASDAQ:PAYO) gains after Q1 earnings beat, outlook above consensus followed by price target increased at Citigroup from $6.50 to $7.50. Analyst Ashwin Shirvaikar maintains a Buy rating on the stock. Citigroup’s price target implies a potential upside of 108.33% from the company’s previous close. Revenue increased 36% Y/Y for the quarter. Volume increased 10% to $14.6B. Revenue as a percentage of volume increased to 94 basis points from 75 basis points in Q1 2021. “Payoneer had a very strong first quarter, delivering revenues and adjusted EBITDA well ahead of our expectations, driven by increased adoption of higher value services and strong customer acquisition,” said Scott Galit, Chief Executive Officer of Payoneer. “We plan to continue investing in our product and geographic expansion as we see tremendous untapped potential in developing markets globally. Our go-to-market investments are delivering strong results with new customer payback period globally of less than 12 months. B2B

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Payoneer Global stock gains after PT increase at Citigroup following strong Q1 earnings results and FY2022 outlook