Euronet initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Euronet with an Outperform rating and $121 price target. The firm says Euronet remains on track to exceed its 2024E earnings growth target of 10%-15%, given ongoing European travel recovery, expansion in new markets like Mexico, increases in Money Transfer agent locations, and a solid pipeline of promotional activity for e-pay. The firm believes potential pricing and margin upside exist for the EFT segment through Euronet’s planned rollout of direct access fees and international access fees in select countries.