Needham Initiates a Buy Rating on Payoneer (PAYO)

By Austin Angelo

Needham analyst Mayank Tandon initiated coverage with a Buy rating on Payoneer (PAYOResearch Report) today and set a price target of $13.00. The company’s shares closed last Wednesday at $9.80.

According to TipRanks.com, Tandon is a 5-star analyst with an average return of 24.0% and a 66.1% success rate. Tandon covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, Bottomline Technologies, and Duck Creek Technologies.

Currently, the analyst consensus on Payoneer is a Strong Buy with an average price target of $13.67, representing a 44.5% upside. In a report released yesterday, KBW also initiated coverage with a Buy rating on the stock with a $14.00 price target.

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