Last week, JP Morgan analyst Tien-tsin Huang hosted 17 payments and processing firms at its Global TMC Conference in Boston. Huang had an Overweight rating on BILL Holdings, Inc (NYSE:BILL) with a price target of $55 on Monday.
Huang noted BILL as a category killer in SMB AP Automation, displacing manual and legacy solutions (including paper check processing).
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BILL was once a top growth name in Huang's FinTech coverage, and he sees paths to reclaim that status: cross-selling recent acquisitions, leveraging strong partnerships with banks and accountants, and helping SMBs cut costs through automation.
Huang projected fourth-quarter revenue of $376 million and adjusted EPS of $0.41.
Huang had an Overweight rating on Fiserv, Inc (NYSE:FI) with a price target of $210, down from $211.
The analyst liked Fiserv as a dependable growth story, with mid-teens EPS growth driven by double-digit top line, operating leverage, and capital deployment.
According to the analyst, Fiserv has a solid portfolio of assets, including its front-book Merchant product Clover, which is taking share and growing faster than peers and supports Fiserv’s premium valuation.
Huang projected second-quarter revenue of $5.19 billion and adjusted EPS of $2.39.
Huang upgraded Marqeta, Inc’s (NASDAQ:MQ) rating to Overweight from Neutral, with a price target of $6, up from $5.
Marqeta’s modern card issuer platform powers card programs and breakthrough experiences for users in some of the fastest growth areas of fintech, including BNPL and digital financial services/banking, with high-profile, highly valued clients, including Block and Affirm.
Huang projected second-quarter revenue of $140 million and adjusted EPS of $(0.05).
Huang had an Overweight rating on Remitly Global, Inc (NASDAQ:RELY) with a price target of $25.
Huang sees Remitly as a mission-driven disruptor in the remittance market, gaining a durable share with 34% YTD revenue growth and 4% market penetration. He projects a 21% revenue CAGR through 2027—one of the highest in his coverage—even without new product contributions.
Huang projected second-quarter revenue of $385 million and adjusted EPS of $0.19.
Price Action: BILL is down 0.41% at $46.07 at last check Monday.
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