Analyst Will Nance of Goldman Sachs maintained a Sell rating on Marqeta, with a price target of $4.50.
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Will Nance has given his Sell rating due to a combination of factors tied to Marqeta’s growth profile and guidance. While the company exceeded expectations on revenue, gross profit, and EBITDA in the quarter, management left full‑year revenue guidance essentially unchanged, signaling that the recent beat is not altering their broader growth outlook and may suggest either top‑line headwinds or a more guarded stance.
Nance also highlights structural concerns, including the continued delay in new Cash Card issuance and growing dependence on a small set of very large customers, which is contributing to pricing pressure as these clients scale. At the same time, competitive intensity in issuer processing is rising, with established rivals willing to offer materially lower pricing, which could further constrain margins and revenue growth, leading him to stay cautious until either pricing power improves or the revenue trajectory becomes more compelling.
Nance covers the Technology sector, focusing on stocks such as NCR Voyix, Klarna Group Plc, and Bill.com Holdings. According to TipRanks, Nance has an average return of -7.6% and a 42.08% success rate on recommended stocks.