Lightspeed downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Timothy Chiodo downgraded Lightspeed (LSPD) to Neutral from Outperform with a price target of $18, down from $21, after the company guided to FY23 gross revenue now being toward the lower end of the previous range on a degree of consumer spending pressure impacting payments revenues that make up more than half of total gross revenue. While the firm continues to view Lightspeed as well-positioned long-term, Credit Suisse no longer prefers the shares given a combination of macroeconomic factors, a still challenging path toward achieving its 20% non-GAAP EBITDA margin target, ramping efforts from scaled competitors and a less attractive LTV/CAC demonstrated thus far relative to Square (SQ), Toast (TOST) and others.