Shares in money transfer giant Wise fell by more than 10% yesterday after Citi analysts downgraded the stock over "excessive long-term growth expectations".
Wise shares closed down more than 10% down at their lowest price since the firm floated on the London Stock Exchange through a direct listing in July.
In a note first reported by CityAM, Citi analysts say that Wise's share price had baked in 20% annual compound revenue growth over the next eight years - far more ambitious than the wider market.
Wise raised £8 billion when it listed last year and, unlike many tech counterparts, has been profitable for years, doubling its profits to £30.9 million in its 2021 fiscal year.
However, its ambitious growth projections have not convinced Citi analysts, prompting yesterday's share sell off.