Payoneer Global initiated with a Buy at Jefferies

Jefferies analyst Trevor Williams initiated coverage of Payoneer Global with a Buy rating and $7 price target. The analyst is favorable on Payoneer’s "large/growing" end-markets and its "entrenched" position as the leading multi-currency digital wallet. Payoneer’s first-mover advantage, geographic reach, and range of products distinguish it "amid a fragmented competitive landscape," the analyst tells investors in a research note. The firm says tailwinds from higher rates support above-Street revenue estimates for fiscal 2023.