Expensify upgraded to Outperform from Market Perform at JMP Securities

JMP Securities upgraded Expensify to Outperform from Market Perform with a $2.50 price target. The company reported mixed Q2 results but its guidance was good as Expensify raised its 2024 free cash flow guidance, the analyst tells investors in a research note. Additionally, the firm says the company expressed an interest in guiding to more metrics in the future once it sees “a little bit more stabilization – or a longer period of stabilization in the business.” KeyBanc believes this was the best earnings call that Expensify has had in two years. It finds the stock’s valuation compelling here.