Barclays downgraded Marqeta (MQ) to Equal Weight from Overweight with a price target of $4, down from $5. In Q3, MQ unexpectedly lowered fiscal 2024 and 2025 gross profit expectations, which consequently reduced the company’s implied volume and revenue growth rate, the analyst tells investors in a research note. The firm cites regulatory-driven revenue-conversion delays that are set to weigh meaningfully on revenue growth and moderating tailwinds from Marqeta’s high growth verticals for the downgrade.
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