BM Technologies price target lowered to $8 from $10 at Maxim

Maxim lowered the firm’s price target on BM Technologies to $8 from $10 and keeps a Buy rating on the shares. The company’s Q2 results missed consensus estimates due to lower/suboptimal interchange revenue in its higher education business, and the management does not expect this to change until deposit servicing relating to this business is transferred to its new partner bank, the analyst tells investors in a research note. Maxim cuts its 2024 estimates due to its prior too-bullish forecasts of interchange revenue being too high and expenses too low.