Marqeta short report ‘lacks punch,’ says Keefe Bruyette

Keefe Bruyette says J Capital’s short report on Marqeta (MQ) alleges that the FBI investigation into the company’s issuing bank, Sutton Bank, could result in 70% loss of business, based on the fact that prior banks investigated for non-compliance failed or suffered significant losses. “We find the evidence not convincing that there is a smoking gun here,” the analyst tells investors in a research note. Keefe believes the report is “interesting” but “lacks punch.” It has a Market Perform rating on Marqeta with a $4.50 price target