BMO Capital analyst James Fotheringham upgraded Nuvei to Outperform from Market Perform with an unchanged price target of C$114. The shares had fallen more than 30% over the past month before falling a further 40% yesterday following a report issued by a short seller, Fotheringham tells investors in a research note. The analyst says he spoke to management and they addressed several issues raised by the short report, including management credibility, organic revenue growth, ESG, and vertical/customer concentration risks. Fotheringham made no changes to his model and recommends Nuvei for “GARP-oriented investors.”