Keefe downgrades Payoneer on ‘full’ valuation after 104% rally

Keefe Bruyette analyst Sanjay Sakhrani last night downgraded Payoneer Global (PAYO) to Market Perform from Outperform with an unchanged price target of $12. The firm cites valuation for the downgrade with the stock up 104% in 2024. Payoneer has been one of the key beneficiaries of higher interest rates and a reversal in rates is likely to limit EBITDA margin expansion and EBITDA growth over the next couple of years, the analyst tells investors in a research note. Keefe believes the stock’s valuation “appears full.”