Nuvei stock slips after Goldman downgrades to Neutral, partly on crypto slump

Nuvei (NASDAQ:NVEI) stock is dropping 3.4% in Thursday premarket trading after Goldman Sachs analyst William Nance downgraded the payment tech stock to Neutral from Buy as its cryptocurrency revenue is expected to stay under pressure and a softening economy weighs on its gaming, FX trading, sports betting and crypto trading verticals."While over the longer term, we are still constructive on the platform that NVEI has created and their specialized services in complex verticals, we believe the stock could struggle to outperform in the near-term if investors lose confidence in the company's 30% revenue growth target," Nance wrote in a note to clients.For shares to outperform, "we believed investors need to see more justification for the underlying growth rate in NVEI's end-markets and more diversification away from verticals that are driven in part by retail speculative activities," he said.Nance's Neutral rating compares with the SA Quant rating of SellBy contrast, SA contributor JP Research is bullish on the stock, offering investors "many ways to win"