Analysts Cheer Nuvei Post Upbeat Q4; 20%+ Ex-Crypto Organic Growth Validates Its Moats And Market Share Gains - Nuvei (NASDAQ:NVEI)

Credit Suisse analyst Timothy Chiodo upgrades Nuvei Corp NVEI from Neutral to Outperform and raises the price target from $37 to $45.
Strong Q4 ex-crypto, FY 2023 guided ahead of the analyst's prior estimates, and an updated medium-term framework suggests profitable compounding ahead.
The analyst downgraded the stock in mid-2022 ahead of what he expected to be a challenging 2H 2022, given digital assets & cryptocurrency and other mix-related headwinds.
While compares remain challenging for Q1 & Q2, revenue will likely accelerate throughout the year on an organic basis, and there is a line of sight to a more normalized growth rate.
Nuvei represents a share-gaining, eCommerce/CNP-focused, profitable, now more diversified, initial FY 2023 guidance now de-risked.
RBC Capital analyst Paul Treiber reiterates Nuvei with an Outperform and a $50 price target.
Nuvei's Q4 and FY23 revenue guidance were solid, showing strong 20%+ ex-crypto constant currency organic growth.
The analyst believes 20% + ex-crypto organic growth validates Nuvei's competitive advantages and market share gains.
While the macro environment remains uncertain, strong ex-crypto growth improves his confidence that Nuvei's growth will accelerate through 2023.
Raymond James analyst John Davis maintains Nuvei with an Outperform and raises the price target from $40 to $49.
The re-rating reflects solid 4Q results with an upside to all key metrics and initial 2023 guidance that was largely as expected.
Davis suspects some conservatism embedded in the outlook and believes estimates are biased higher after a volatile 2022.
The analyst thinks 2023 will be a crucial turning point where revenue and earnings quality improve as crypto headwinds dissipate in 2H23, it integrates Paya, and other verticals experience growth.
Price Action: NVEI shares traded higher by 8.34% at $39.45 on the last check Thursday.
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