EXFY - Why Expensify Stock Surged Today
Shares of expense-reports company Expensify (NASDAQ: EXFY) surged on Monday following a strong vote of confidence from a prominent analyst. As of 3 p.m. ET today, Expensify stock was up 11%, which is notable considering the market had given up early gains and was trending downward as of this writing.
Expensify's mission is to make handling expense reports easier. Bank of America analyst Koji Ikeda came out today saying he believes the company could be a "category disruptor" in the space. And because of this potential, Ikeda raise his price target for the stock from $20 to $25, according to The Fly.
In my opinion, a raised price target is particularly notable right now. Analysts tend to raise price targets when the stock is going up, not down. But Expensify stock has fallen more than 50% year to date. By raising a price target at this time, Ikeda's upgrade is atypical, which communicates strong conviction. And this is why Expensify stock was up today.
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Why Expensify Stock Surged Today