Flywire downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded Flywire (FLYW) to Outperform from Strong Buy with a price target of $17, down from $29. The company reported a “disappointing” Q4 report that included a 5% sales miss and a weak initial 2025 guidance, the analyst tells investors in a research note. The firm says the outlook assumes Canada and Australia revenue will be down 30% with no recapture and softer visa issuance trends in the U.K. and U.S., “which feels more than prudent.” Raymond James says that while its highest conviction rating is no longer appropriate given Flywire’s volatility of recent results and significant geopolitical headwinds, it continues to recommend the stock, albeit with less conviction, as it refuses to “jump out what feels like the basement window given what appears to be a prudent/conservative guide.”