Why Marqeta Stock Tumbled More Than 5% Today
Next-generation payment card processing specialist Marqeta (NASDAQ: MQ) was a dud in Friday's stock market. Following the publication of a new, bearish analysis on the company, its shares headed south and ultimately closed down by more than 5% on the day.
KeyBanc analyst Josh Beck didn't get Marqeta's Friday off to a good start. This morning, he lowered his price target on the stock significantly; he now believes it is worth $25 per share, well down from his previous $38. Importantly, however, he maintained his overweight (buy) recommendation.
The reasons for Beck's lower price target weren't immediately clear.
Source Fool.com
