It's time for investors to step away from card issuer Marqeta , according to JPMorgan. The firm lowered its rating for Marqeta to neutral from overweight. It also slashed its price target to $6 from $9. The new price target implies only a 3.4% upside from Tuesday's close price.
JPMorgan said that the company's growth has normalized from its pandemic highs, and its growth outlook implies deceleration. "Given this uncertainty and period of muted growth relative to history, we are on the sidelines for the stock," said Huang. Marqeta anticipates a blow to its revenue and margins in 2023, which Huang attributes to two factors: below-expectations sales bookings, as well as a renewed partnership with Visa that created a hit to its level of incentives.
Simonkhalaf $MQ