It’s been a difficult year for fintech stock investors as the sector has seen higher than average losses compared to the broader markets. Part of this is due to growth sectors being bludgeoned and getting their high price multiples slashed. While investors may be giving up hope of the industry ever returning back to their pandemic highs, there are some Wall Street analysts who remain bullish on the industry.
Earlier this week, Wells Fargo (NYSE:WFC) backed fintech leader PayPal (NASDAQ:PYPL) as a stock to target at its current price levels. PayPal has lost over 63% so far in 2022, and has shown no signs of rebounding as of late. Despite this, Wells Fargo remains Overweight on PayPal which is the equivalent of a Strong Buy rating. It also has a $115 price target for the stock, which forecasts some nice upside for the stock over the next 12 months.
Other fintech stocks should also rebound when the markets are able to stabilize. Companies like Block (NYSE:SQ), SoFi (NASDAQ:SOFI), and iQSTEL (OTC:IQST) all have tremendous upside from their current price levels. iQSTEL in particular has been punished by the markets like it is a fintech company, but its Global Money One segment is just one subsidiary under the iQSTEL umbrella. As it continues to build out its other arms, iQSTEL could see a rebound faster than other pure play fintech stocks.
$WFC $PYPL $SQ $SOFI $IQST
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