Needham reiterates Buy rating on Payoneer Global, raises PT to $10.

Needham reiterates Buy rating on Payoneer Global, raises PT to $10.

Needham Securities has reiterated its Buy rating on Payoneer Global (PAYO) and raised its price target to $10 per share. The financial services firm, known for its in-depth research and analysis, highlighted the company's strategic partnerships and growth prospects in its latest report.

Payoneer, a global payments company, has been expanding its services and capabilities, particularly in the Asia Pacific region. The company's partnership with Stripe aims to enhance its Online Checkout offering, enabling small and medium-sized businesses (SMBs) to accept more payment methods at their online point of sale. This strategic move is expected to help Payoneer attract SMB merchants and compete globally by offering a sophisticated checkout experience with multiple payment options Payoneer Archives - Finovate^[1].

Needham's analysts noted that Payoneer's rapid growth, with a market capitalization of approximately $2.5 billion, has been driven by its ability to simplify cross-border commerce. The company's global financial stack helps remove barriers and makes it easier for businesses to connect to the global economy, pay, get paid, manage funds across multiple currencies, and grow their businesses .

Additionally, Payoneer's recent partnership with Bancolombia's Neobank, Nequi, has further expanded its reach in Latin America. This integration allows Nequi users to transfer dollars and euros from Payoneer to Nequi and receive them in Colombian pesos in a matter of minutes. This partnership underscores Payoneer's commitment to facilitating international payments and enhancing the financial experiences of its users .

Needham's positive outlook on Payoneer reflects the company's strong fundamentals and strategic partnerships. The firm expects Payoneer to continue its growth trajectory, driven by its innovative payment solutions and expanding market reach. The raised price target of $10 per share reflects the firm's confidence in Payoneer's ability to capitalize on these opportunities.