((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Updates)
November 5 – ** Shares of card issuer Marqeta
MQ.O drops 40% to $3.57 on unfavorable Q4 revenue growth forecast
** After market close Monday, MQ forecast fourth-quarter net revenue growth of between 10% and 12%, while Wall Street expected 17.4% growth – LSEG data
**KeyBanc downgrades MQ from “overweight” to “sector weight,” citing substantial revision to 2024 earnings forecast and initial 2025 growth forecast below Wall Street estimates
** Brokerage firm KeyBanc says regulatory review of Marqeta banking partners has created a logjam of new card programs
** Including KeyBanc, at least three brokerages downgraded the stock after the results
**Six of 17 brokers rate MQ stock as a “buy” or higher, 11 as a “hold”; their median PT is $5 – LSEG data
** Taking into account the session's movements, the stock is down 49% year to date
