Benzinga | Jul 22, 2021 09:52AM EDT

Needham Initiates Coverage On Payoneer Global With Buy Rating, Sees 33% Upside

* Needham analyst Mayank Tandon initiated coverage on Payoneer Global (NASDAQ:PAYO) with a Buy rating and a $13 price target implying a 32.65% upside.

* Tandon is optimistic about the company's diverse cross-border payments product suite, including physical/virtual card issuance, merchant services, tax, compliance, and FX solutions.

* Payoneer Global is a diverse cross-border payments provider operating in a market ripe for disruption and significant growth as online marketplaces gain popularity, Tandon added.

* Price action: PAYO shares traded higher by 2.04% at $10 in the market session on the last check Thursday.