Wells Fargo downgrades Marqeta to Equal Weight, lowers price target to $5

As previously reported, Wells Fargo analyst Andrew Bauch downgraded Marqeta (MQ) to Equal Weight from Overweight with a price target of $5, down from $7. The firm says that while Q3 results were relatively in-line, a big Q4 guide down and commentary on regulatory headwinds/client in-sourcing sent shares down after hours. Wells thinks credibility is impaired longer than most would prefer, and that it is unclear whether fundamentals are completely derisked.