BTIG views Shift4 Payments stock underperformance as buying opportunity

BTIG notes that Shift4’s Q2 report was solid, although against a backdrop of elevated expectations after the stock rallied 30%-plus since Q1 results. The stock is trading down partially due to the Q2 volume miss, but the firm also thinks the GB expectations for the second half of the year are a bit below expectations. Overall, BTIG believes Shift4’s stock rallied in the last few months as investors gained confidence in the long-term opportunity for GB and the company’s organic operating momentum. However, today’s slightly underwhelming results and near-term GB outlook clearly did not meet investor expectations, and the stock is giving back the majority of its recent gains. The firm views today as a buying opportunity and expects the stock to recover as investors outweigh Shift4’s longer-term growth opportunities versus near-term expectations. BTIG keeps a Buy rating on the shares with a price target of $115.