Citi analyst Peter Christiansen maintained a Buy rating on Pagaya Technologies Ltd (PGY – Research Report) yesterday and set a price target of $16.50.
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Peter Christiansen has given his Buy rating due to a combination of factors that highlight Pagaya Technologies Ltd’s strong market position and growth potential. The company has been successful in securing new partnerships, including an indirect collaboration with Walmart’s OnePay for Buy Now, Pay Later services, which positions it well to expand its offerings and potentially double its network volume over time.
Moreover, Pagaya’s exposure to the Buy Now, Pay Later sector is increasing, providing opportunities to attract new card-issuing partners. The company’s first-quarter results exceeded expectations, with revenue and adjusted EBITDA surpassing forecasts due to lower operational expenses. Despite a slight reduction in network volume outlook, Pagaya raised its revenue and adjusted EBITDA projections, indicating confidence in its future profitability and market strategy.
Christiansen covers the Technology sector, focusing on stocks such as Pagaya Technologies Ltd, Clarivate, and Payoneer. According to TipRanks, Christiansen has an average return of 2.3% and a 52.75% success rate on recommended stocks.
In another report released yesterday, Benchmark Co. also reiterated a Buy rating on the stock with a $25.00 price target.