Why Marqeta Stock Rocked the Market Today
Shares of fintech company Marqeta (NASDAQ: MQ) outperformed the broader stock market on Monday, rising to close the day nearly 5% higher against the slight decline of the S&P 500 index. A price target increase from an analyst tracking the stock was the catalyst for the day's improvement.
Early that morning, KeyBanc's Josh Beck upped his target on the stock to $11 per share. While that was only $1 higher than his previous level, investors were encouraged that the prognosticator is maintaining his overweight (i.e., buy) recommendation on the fintech.
The reasoning behind Beck's move wasn't immediately clear, but he isn't the only analyst getting marginally more bullish on Marqeta's prospects. In mid-July, SMBC Nikko Securities' Andrew Bauch made a similar increase, adding $2 to his price target for a new level of $10 per share. Unlike Beck, though, Bauch had an underperform (read:sell) recommendation on the shares, which was maintained through the price target hike.
Source Fool.com
