BofA analyst Aditya Buddhavarapu initiated coverage of Payoneer Global (PAYO) with a Buy rating and $6 price target which offers 27% upside. The company is evolving from a marketplace payout specialist into a multi-currency financial stack for global small businesses engaged in cross-border commerce, the analyst tells investors in a research note. The firm believes Payoneer has a “high-growth opportunity” in a $6 trillion business-to-business total addressable market. BofA sees continued marketplace payout strength.
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