- Credit Suisse analyst Timothy Chiodo initiated coverage on Marqeta, Inc (NASDAQ:MQ) with an Outperform rating and a price target of $13.50 (40% upside).
- Chiodo believes the combination of low penetration (~1% for MQ), a large, growing end market (~$8.9 trillion U.S. TAM, growing HSD%+), and exposure to fast-growing end-markets/use cases (i.e., BNPL, digital banks, expense management, online delivery, crypto) provides attractive tailwinds for MQ over the medium to longer-term.
- The analyst also views investment behind international expansion, new products, and other call options as additional support for the stock.
- Price Action: MQ shares closed higher by 3.98% at $9.66 on Wednesday.
