Marqeta downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Marqeta (MQ) to Sell from Neutral with a price target of $5, down from $7.50. The firm believes the company’s customer concentration issues with Block (XYZ) are likely to be back in focus. Marqeta recently announced a change to its partnership with Block where the company will add a new issuer processing partner, the analyst tells investors in a research note. Goldman believe this creates a potential long term headwind to the partnership and adds to concerns around Marqeta’s total addressable market.