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A Susquehanna analyst downgraded shares of Paysafe Ltd (NYSE:PSFE) from Positive to Neutral, lowering the price target to $2 from $5 per share in a note on Wednesday.
The analyst explained that the company’s new CFO leads them to “wait and see.”
“Paysafe announced that Alex Gersh will be joining as CFO on October 3, replacing Izzy Dawood who joined as CFO in 2020. This bookends the change in CEO in May of this year when Bruce Lowthers took over from Philip McHugh, who had held the position since 2019,” explained the analyst. “While we are encouraged by Gersh’s resume and are eager to hear his plans, it could take some time.”
The analyst added that following the many downward revisions to Paysafe’s guidance, they are also concerned that “they didn’t reiterate when announcing the transition.”
“So while we wait to see how plans materialize, we lower our price target to $2 and our rating follows to Neutral,” he concluded.
