Shift4 Payments says merchant transaction volume continues to increase » 09:2907/0607/06/20
Shift4 Payments said in a…
Shift4 Payments said in a release, "Shift4 Payments has revealed that merchant transaction volume continues to increase across the country despite surging cases of the novel coronavirus. In the third of a series of updates since the pandemic began to impact the United States, the data suggests that businesses are finding ways to drive sales even in the face of difficult economic and social conditions. Shift4's transaction data indicate that 43 states are 10% or more above their transaction volumes from the last week in May, which were already significantly higher than the low point in late March. Among the states experiencing the most rapid growth during this period are those where the coronavirus impact was felt early on; New Jersey has increased 62% since May, Pennsylvania is up 70%, New York is up 67%, and California is up 38%. Texas and Oklahoma are the only two states experiencing transaction declines from the week beginning May 31 when compared with the week beginning June 28. When compared to the low point in March, the rebound is even more dramatic, with all 50 states seeing an increase in transaction volume. Even states that have seen a recent uptick in cases are still well above their "trough" levels in March, with transaction volumes in Texas up 168% since March, Florida up 155%, and Arizona up 128%."
ADC Therapeutics announces FDA lifts partial hold on camidanlumab tesirine trial » 07:3207/0607/06/20
ADC Therapeutics announced that the FDA has lifted the partial clinical hold on the pivotal Phase 2 clinical trial of camidanlumab tesirine in patients with relapsed or refractory Hodgkin lymphoma, or HL. The 100-patient Phase 2, multi-center, open-label, single-arm clinical trial is evaluating the safety and efficacy of Cami in patients with relapsed or refractory HL. Patients with pathologically confirmed relapsed or refractory HL who have failed three prior lines of therapy, including brentuximab vedotin and a checkpoint inhibitor approved for HL such as nivolumab or pembrolizumab, are eligible for enrollment in the clinical trial. The trial is intended to support the submission of a biologics license application to the FDA.
SVB Leerink bullish on Benefytt Technologies, initiates with an Outperform » 09:3207/0107/01/20
BFYT, EHTH, SLQT
As previously reported,…
As previously reported, SVB Leerink analyst Stephan Tanal initiated coverage of Benefytt Technologies (BFYT) with an Outperform rating and $27.50 price target. The analyst believes the company's business mix is poised for a significant shift toward Medicare, more closely aligning it with its publicly traded peers - eHealth (EHTH) and SelectQuote (SLQT) - which trade at EV/Sales multiples that are 155% and 309% higher than Benefytt's, respectively. The March 2020 launch of digital enrollment on Benefytt's recently acquired site - HealthInsurance.com - should aid this shift, and the Q4 Medicare AEP could prove to be a positive catalyst if the company can deliver against its full year guidance, as expectations appear low, he adds.
Shift4 Payments initiated with a Neutral at Citi » 06:3407/0107/01/20
Citi analyst Ashwin…
Citi analyst Ashwin Shirvaikar initiated coverage of Shift4 Payments with a Neutral rating and $40 price target. The analyst has a positive view of the company due its technology-led leadership position in two "large, attractive" end markets and tenured management. However, the stock has appreciated 56% from its $23 initial public offering price, Shirvaikar tells investors in a research note.
|Over a week ago|
Benefytt trades at 'large discount' to other MA players, says Northland » 09:0106/3006/30/20
BFYT, GHTH, SLQT
After looking at…
After looking at GoHealth's (GHTH) initial public offering filings and SelectQuote (SLQT), which went public on May 20, Northland analyst says Benefytt Technologies' (BYFT) multiple trades at a "large discount" despite selling the same Medicare Advantage policies. The analyst, who admits Benefytt is "much smaller and the differences in scale are significant," keeps an Outperform rating on the shares.
Shift4 Payments initiated with an Equal Weight at Morgan Stanley » 08:3806/3006/30/20
Morgan Stanley analyst…
Morgan Stanley analyst James Faucette initiated coverage of Shift4 Payments with an Equal Weight rating and $37 price target. Shift4 is well positioned to grow its position in the merchant acquiring space as an incumbent gateway provider in the hospitality vertical, said Faucette, who estimates that the company has about $40B of gateway volume that could be feasibly converted to its higher revenue, more profitable end-to-end payments offering. However, near-term estimates are weighed down by COVID-19 and he prefers other names in Payments, the analyst added.
Shift4 Payments initiated with a Buy at SunTrust » 08:0806/3006/30/20
SunTrust analyst Andrew…
SunTrust analyst Andrew Jeffrey initiated coverage of Shift4 Payments with a Buy rating and $46 price target. The company is a "differentiated" hospitality-vertical Merchant Processor that is "benefiting from leading integrated tech, an advantaged competitive position and scale", the analyst tells investors in a research note. Jeffrey is also positive on Shift4's multi-year revenue and EBITDA growth rates, anticipating the "depressed" 2020 revenue decline to start recovering in the second half of the year and accelerate in FY21.
Shift4 Payments initiated with an Outperform at RBC Capital » 06:4006/3006/30/20
RBC Capital analyst…
RBC Capital analyst Daniel Perlin initiated coverage of Shift4 Payments with an Outperform rating and $47 price target. The analyst is positive on the company's "unique" attributes than include an "embedded feeder-pool to convert gateway clients to higher value E2E processing clients" along with a "partner-centric" distribution model that can reduce customer acquisition costs. Perlin further cites Shift4's track record of innovation in the hospitality industry, stating that the company is tapped into the "long-tailed" $10T secular growth of the U.S payments market.
Shift4 Payments initiated with an Outperform at Credit Suisse » 06:3206/3006/30/20
Credit Suisse analyst…
Credit Suisse analyst Timothy Chiodo initiated coverage of Shift4 Payments with an Outperform rating and $42 price target. While Shift4 Payments' end-markets have been impacted by COVID-19, Chiodo says the combination of a gradual recovery and idiosyncratic drivers suggests the potential for upside. The analyst sees M&A potential as early as 2H21, with management having a track record of accretive acquisitions.
Shift4 Payments initiated with an Outperform at Evercore ISI » 06:1706/3006/30/20
Evercore ISI analyst…
Evercore ISI analyst David Togut initiated coverage of Shift4 Payments with an Outperform rating and $48 price target.