Marqeta's Positive Momentum and Uncertainties Justify Hold RatingWe are encouraged by recent momentum in the business, expansion in Europe, and improving profitability, yet maintain our Market Perform rating as visibility remains limited. Reported results are complicated by customer concentration (largest customer is 46% of revenue), contractual changes, business mix, and network incentive accounting changes. For example, two large client renewals were initially expected to have a 4- point headwind in 2025, but have yet to be inked. Further with the agreement with Bancorp Bank (TBBK $61.49), Block (XYZ $70.95; Outperform) might diversify its business outside Marqeta for new Cash App Card issuances, which could negatively impact growth by 2 points.