Barclays cuts Nexi as segment deterioration poses risks over guidance targets
** Barclays cuts Nexi NEXII.MI to "underweight" from "equalweight" as a further payment sector deterioration in the second half of 2024 poses uncertainty over the Italian company ability to reach its guidance
** The Italian payments company's stock down 3% as of 1043 GMT
** For the sector, "data shows a further step down in growth, particularly in August ... and we do not see any indications of a rebound," Barclays says
** Nexi's full-year guidance looks "challenging", it says, especially given the increased competition in the Issuing segment in Q4
** It expects Nexi to miss its core profits growth guidance, which the group forecast to be mid to high single digits over the year
** Adds, the company will struggle to hit the expected margin expansion of more than 100 basis points
** Macro weakness might spill over into 2025, the broker says.
**The stock is down 18% year-to-date
Reporting by Alberto Chiumento
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