The Globe and Mail reports in its Wednesday edition that BMO Capital analyst Rufus Hone has reaffirmed his "outperform" recommendation for Nuvei. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hone recently assumed coverage on the company. He slashed his share target by $15 (U.S.) to $30 (U.S.). Analysts on average target the shares at $33.91. Mr. Hone says in a note: "Following a series of tricky quarters, Nuvei reported solid 3Q results. We believe consistency is the key demand from investors, who will need to see a string of solid quarterly reports demonstrating: (1) 20-per-cent-plus growth in Global Commerce (with no additional large customer churn), (2) improved revenue traction from Paya, and (3) EBITDA margin expansion. We see early signs that Nuvei will be able to execute across these fronts, and we expect investors will become significantly more comfortable with Nuvei's growth trajectory -- and rerate the equity during 2024. Our model suggests that Nuvei trades at less than nine times FCF (2025 estimate), implying a 12-per-cent levered FCF yield. We think this affords investors an excellent entry point -- and highlight the significant equity accretion from debt paydown."