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(Sharecast News) - JPMorgan Cazenove initiated coverage of Wise on Monday with an 'overweight' rating and a 1,242p price target.
"Wise is a technology company focused on cross-border payments," JPM said. "It has been gaining share by reducing customer friction in a historically slow and expensive market."
It said that after around 15 years of operation, Wise has already captured an "impressive" circa 5% share of the personal and around 1% of the business cross-border market volume.
For context, the bank estimated that overweight-rated Adyen has captured less than 5% of global processed payment volume after 19 years.
"We see a long runway for Wise to continue capturing market share as it further invests in growth, sustaining mid-to-high-teens percentage sales and gross profit growth," JPM said.
"Continued appreciation of the long-term opportunity (in particular in the Platform business) should also support multiple expansion," it added.
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