Marqeta initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Andrew Bauch initiated coverage of Marqeta with an Equal Weight rating and $6 price target. The analyst says key overhangs on the shares have been resolved, like the Block renewal, so investors “finally have the green light” to focus on a story with long-term disruptor potential. However, the firm has its doubts whether that focus works in Marqeta’s favor.