BUZZ-Expensify falls after JMP Securities downgrades to 'market perform'

Reuters11-26 03:04
BUZZ-<a href="https://laohu8.com/S/EXFY">Expensify</a> falls after JMP Securities downgrades to 'market perform'

** Shares of payments app Expensify EXFY.O fall as much as 7.8%; last down 6.6% at $3.18

** Citizens JMP Securities downgrades EXFY to "market perform" from "market outperform" after the company exceeds brokerage's prior $3.25 price target

** Brokerage says when it had upgraded the stock after Q2 2024 results, it cited a variety of tactical reasons, many of which have played out

** Adds that given the move in the stock, EXFY needs to return to growth for the story to continue working

** Substantial discounts to its peer group justified by EXFY's slower relative growth in a difficult macro environment — JMP Securities

** Two of five brokerages rate the stock "buy" or higher and three "hold"; median PT $3 — LSEG

** As of last close, EXFY shares up 37.7% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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