2023-06-15 17:06:48 ET
BTIG analyst Andrew Harte initiated coverage of five fintech point-of-sale software and payment companies, with Buy ratings assigned to Shift4 Payments ( NYSE: FOUR ) and Lightspeed Commerce ( NYSE: LSPD ).
Olo ( NYSE: OLO ), PAR Technology ( NYSE: PAR ), and Toast ( NYSE: TOST ) received Neutral ratings.
"We see a long runway for growth as the cloud-based nature of our coverage takes share from legacy, on-premise POS solutions and provides merchants a one-stop shop for software and payments," Harte wrote in a note to clients.
Shift4 ( FOUR ) offers the most diversified payments volume among his coverage, he said. "The company's high-growth core verticals of hospitality, restaurants, and specialty retail make up ~80% of its payment volume, with the remaining comprised of its new verticals of sports and entertainment, non-profit, travel, sexy tech, and gaming."
Harte has a price target of $83 on FOUR. His Buy rating on the stock contrasts with the SA Quant rating of Hold and aligns with the average Wall Street rating o f Buy.
For Lightspeed ( LSPD ): "LSPD's stock has been severely discounted inour view, with little or no credit for the company's One Lightspeed initiative, global footprint, or the value that it provides to its 168K customer locations as of FY23 (period ended March 31)." Price target is $20.00.
Meanwhile, the SA Quant system rates LSPD a Hold, while the average Wall Street analyst rating advises to Buy.
Lightspeed ( LSPD ) stock gained 0.3% to $16.22 in Thursday after-hours trading, while Shift4 ( FOUR ) is little changed at $63.79.
More on Lightspeed:
- Lightspeed Commerce Q4 Earnings: Great Growth With Improving Profitability
- Lightspeed Commerce: A Slower Growth Outlook Sparks a Selloff
- Lightspeed Commerce stock drops after soft guidance for Q1
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Shift4 Payments, Lightspeed Commerce win Buy ratings in new BTIG coverage