Paysafe price target lowered to $22 from $26 at BTIG

BTIG lowered the firm’s price target on Paysafe (PSFE) to $22 from $26 and keeps a Buy rating on the shares. The company’s Q1 results were in-line with management expectations, with the earnings miss versus the Street more a function of moving parts with the Direct Marketing business divestiture that impacted gross margin and unfavorable Merchant Solutions channel mix, the analyst tells investors in a research note. The firm says that while the second half of the year acceleration implied in guidance is not ideal, it is feasible as Paysafe’s new sales pipeline “remains promising.”