Wolfe Research downgraded Euronet Worldwide, Inc. from Peer Perform to Underperform on January 8, setting a price target of $80. The firm cited structural pressures for payment service providers, which it believes limit revenue growth.
Analysts at Wolfe Research noted challenges in the European ATM business, where the cash-to-card conversion trend is rising. Immigration headwinds also pose a threat to the company's retail remittance business, raising concerns about growth prospects despite past execution in difficult markets.
Earlier, on January 5, Monness downgraded the stock from Buy to Hold without disclosing a price target. The firm similarly raised concerns about increasing pressure from independent channels, questioning the company's long-term growth rates.
Euronet Worldwide, Inc. is a global financial technology company offering payment solutions across Electronic Funds Transfer, epay, and Money Transfer segments.