Morgan Stanley Upgrades Flywire to Overweight Amid Revenue Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 02 2026
0mins
Should l Buy FLYW?
Source: seekingalpha
- Rating Upgrade: Morgan Stanley upgraded Flywire from Equalweight to Overweight, reflecting the company's strong market performance with four consecutive quarters of revenue beats (excluding ancillary services), indicating robust growth potential.
- Conservative Guidance: Analyst Michael N. Infante believes Flywire's guidance is overly conservative despite headwinds from reduced student visa activity affecting its Education segment, projecting high-teens growth in FX-neutral revenue over the next couple of years.
- Valuation Support: Infante noted that recent acquisitions by TGP and Corpay of AvidXchange, along with Hellman & Friedman's interest in Bill.com, could provide valuation support for Flywire, enhancing market confidence in its growth prospects.
- Price Target Increase: Morgan Stanley raised Flywire's price target from $15 to $17, asserting that the stock remains fundamentally mispriced in public markets, with expectations for valuation correction and multiple expansion.
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Analyst Views on FLYW
Wall Street analysts forecast FLYW stock price to fall
9 Analyst Rating
5 Buy
4 Hold
0 Sell
Moderate Buy
Current: 17.230
Low
15.50
Averages
17.10
High
20.00
Current: 17.230
Low
15.50
Averages
17.10
High
20.00
About FLYW
Flywire Corporation is a global payments enablement and software company. The Company combines its global payments network, payments platform and vertical-specific software to deliver important and complex payments for its clients and their customers. It leverages its vertical-specific software and payments technology to embed within the existing accounts receivable (A/R) workflows for its clients across the education, healthcare and travel vertical markets, as well as in key business-to-business (B2B) industries. It also integrates with enterprise resource planning (ERP) systems, such as NetSuite, to optimize the payment experience for their customers while eliminating operational challenges. The Company's payments-as-a-services include payment services, enabling services, and transaction processing services. The Company supports approximately 5000 clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Flywire Reports Strong Q1 2026 Earnings, Raises Guidance
- Strong Financial Performance: Flywire reported total revenue of $184 million in Q1 2026, with adjusted EBITDA of $39 million and a margin of 21.4%, expanding by 452 basis points year-over-year, showcasing robust performance across education, travel, and healthcare sectors.
- Capital Return Initiative: The company announced an accelerated share repurchase program of up to $50 million, marking the largest capital return action in Flywire's history as a public company, aimed at enhancing shareholder value and boosting market confidence.
- Optimistic Growth Outlook: CFO Pitigoi raised the full-year guidance for 2026, expecting FX-neutral revenue growth of 18% to 24% and EBITDA margin expansion to approximately 22.8%, reflecting strong confidence in future performance.
- AI-Driven Efficiency Gains: The company achieved approximately 40% of customer inquiries auto-resolved, with a 30% reduction in support handling time and cost per contact, indicating significant cost savings and improved customer satisfaction driven by AI enhancements.
See More
Flywire CFO Sells 3.12% of Shares Amid Market Changes
- Transaction Overview: Flywire's CFO Cosmin Pitigoi sold 30,000 shares of common stock on April 21, 2026, at $14.00 per share, totaling $420,000, which represents 3.12% of his direct holdings.
- Ownership Analysis: Post-transaction, Pitigoi retains 932,138 shares of voting common stock, maintaining a direct ownership value of $12.8 million, indicating his continued confidence and substantial equity exposure in the company.
- Market Reaction and Financial Health: Although this is Pitigoi's first open-market sale since March 2024, Flywire achieved a 27% revenue increase in 2025 and turned profitable, reflecting improved financial conditions that may bolster investor confidence.
- Investor Signal: The modest size of Pitigoi's sale relative to his total holdings suggests personal reasons for the transaction rather than company performance issues, allowing investors to maintain an optimistic outlook on Flywire's future.
See More
BTIG Upgrades Flywire to Buy, Sees Strong Growth Potential
- Rating Upgrade: BTIG has upgraded Flywire's rating from Neutral to Buy, citing an attractive risk/reward profile, with shares rising 3.31% to $13.41 after the market opened on Thursday, and a price target set at $17.00, reflecting market recognition of its potential.
- Growth Potential: Analyst Andrew Harte noted that Flywire has demonstrated durable and diversified growth amidst a choppy macro backdrop, particularly with U.S. education revenue growing 5% in FY25 despite a ~20% decline in F-1 visas, indicating stronger-than-expected resilience in its core business.
- Conservative Guidance: Regarding FY26 guidance, Harte believes it has been set conservatively, with FX-neutral growth estimates raised to 19.6%, above the Street's 18.9%, suggesting significant growth opportunities ahead for the company.
- Valuation Support: Despite pressures from regulatory, macroeconomic, AI, and stablecoin concerns, Flywire's valuation multiple has been under pressure; however, analysts expect that as these concerns dissipate, Flywire's growth will prove more durable, leading to future valuation support.
See More
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Shareholder Investigation Launched Against Firefly Aerospace and Others
- Shareholder Lawsuit Investigation: Johnson Fistel, PLLP is investigating the officers of Firefly Aerospace, Flywire, Fortinet, and Compass Diversified Holdings for alleged breaches of fiduciary duty, potentially leading shareholders to seek corporate governance reforms and fund recovery.
- Misrepresentation in Rocket Program: Firefly Aerospace is accused of overstating the demand and growth prospects of its Spacecraft Solutions business, resulting in projections regarding financial sustainability and revenue growth lacking a reasonable basis, which ultimately led to a decline in stock price.
- False Revenue Growth Claims: Flywire is alleged to have failed to disclose the significant adverse impact of student visa restrictions on its operations, leading to overstated revenue growth and transaction volume, with stock price significantly dropping after the truth was revealed.
- Lack of Internal Controls: Compass Diversified Holdings is accused of lacking effective internal controls over financial reporting and failing to disclose critical information regarding Lugano, resulting in positive statements about its financial reporting being materially false and misleading.
See More
Flywire Appoints Christine Katziff to Board of Directors
- New Board Member: Flywire Corporation has appointed Christine Katziff to its Board of Directors, who will also join the Audit Committee, bringing extensive audit and risk management experience from her 38-year career at Bank of America.
- Rich Leadership Experience: Katziff served as Chief Audit Executive at Bank of America, overseeing a global audit team and reporting directly to the CEO and the audit committee, ensuring best practices in risk, cybersecurity, and compliance.
- Community Engagement: Beyond her role at Flywire, Katziff is actively involved in community leadership, serving as chair of the board of directors at Novant Health and chairing the finance and facilities committee at Bryant University, demonstrating her commitment to health and education.
- Strategic Growth Contribution: Katziff expressed her eagerness to contribute to Flywire's next phase of growth, highlighting the company's unique capabilities in complex payments and rigorous controls, which will support sustainable growth in highly regulated industries.
See More
Flywire Reports Strong Q1 2026 Earnings, Raises Guidance
- Strong Financial Performance: Flywire reported total revenue of $184 million in Q1 2026, with adjusted EBITDA of $39 million and a margin of 21.4%, expanding by 452 basis points year-over-year, showcasing robust performance across education, travel, and healthcare sectors.
- Capital Return Initiative: The company announced an accelerated share repurchase program of up to $50 million, marking the largest capital return action in Flywire's history as a public company, aimed at enhancing shareholder value and boosting market confidence.
- Optimistic Growth Outlook: CFO Pitigoi raised the full-year guidance for 2026, expecting FX-neutral revenue growth of 18% to 24% and EBITDA margin expansion to approximately 22.8%, reflecting strong confidence in future performance.
- AI-Driven Efficiency Gains: The company achieved approximately 40% of customer inquiries auto-resolved, with a 30% reduction in support handling time and cost per contact, indicating significant cost savings and improved customer satisfaction driven by AI enhancements.
See More
Flywire CFO Sells 3.12% of Shares Amid Market Changes
- Transaction Overview: Flywire's CFO Cosmin Pitigoi sold 30,000 shares of common stock on April 21, 2026, at $14.00 per share, totaling $420,000, which represents 3.12% of his direct holdings.
- Ownership Analysis: Post-transaction, Pitigoi retains 932,138 shares of voting common stock, maintaining a direct ownership value of $12.8 million, indicating his continued confidence and substantial equity exposure in the company.
- Market Reaction and Financial Health: Although this is Pitigoi's first open-market sale since March 2024, Flywire achieved a 27% revenue increase in 2025 and turned profitable, reflecting improved financial conditions that may bolster investor confidence.
- Investor Signal: The modest size of Pitigoi's sale relative to his total holdings suggests personal reasons for the transaction rather than company performance issues, allowing investors to maintain an optimistic outlook on Flywire's future.
See More
BTIG Upgrades Flywire to Buy, Sees Strong Growth Potential
- Rating Upgrade: BTIG has upgraded Flywire's rating from Neutral to Buy, citing an attractive risk/reward profile, with shares rising 3.31% to $13.41 after the market opened on Thursday, and a price target set at $17.00, reflecting market recognition of its potential.
- Growth Potential: Analyst Andrew Harte noted that Flywire has demonstrated durable and diversified growth amidst a choppy macro backdrop, particularly with U.S. education revenue growing 5% in FY25 despite a ~20% decline in F-1 visas, indicating stronger-than-expected resilience in its core business.
- Conservative Guidance: Regarding FY26 guidance, Harte believes it has been set conservatively, with FX-neutral growth estimates raised to 19.6%, above the Street's 18.9%, suggesting significant growth opportunities ahead for the company.
- Valuation Support: Despite pressures from regulatory, macroeconomic, AI, and stablecoin concerns, Flywire's valuation multiple has been under pressure; however, analysts expect that as these concerns dissipate, Flywire's growth will prove more durable, leading to future valuation support.
See More
Latest Rating Changes on Wall Street
- ResMed Upgrade: JPMorgan upgrades ResMed to overweight, highlighting its position as a global leader in the obstructive sleep apnea market, primarily generating revenue from CPAP devices and masks, along with a portfolio of respiratory health solutions, indicating strong market competitiveness.
- Nvidia Reiteration: Evercore ISI reiterates Nvidia as outperform, noting that despite recent underperformance, its potential in AI demand and compute cycles remains robust, underscoring its significance and investment value in future markets.
- Okta Upgrade: Raymond James upgrades Okta to outperform, suggesting that the shift of AI into enterprise applications will significantly enhance Okta's market opportunities, particularly in identity security, indicating potential market expansion.
- PayPal Downgrade: Mizuho downgrades PayPal to neutral, citing competitive and fundamental pressures, reflecting market concerns about its future growth, which may impact investor confidence.
See More
Shareholder Investigation Launched Against Firefly Aerospace and Others
- Shareholder Lawsuit Investigation: Johnson Fistel, PLLP is investigating the officers of Firefly Aerospace, Flywire, Fortinet, and Compass Diversified Holdings for alleged breaches of fiduciary duty, potentially leading shareholders to seek corporate governance reforms and fund recovery.
- Misrepresentation in Rocket Program: Firefly Aerospace is accused of overstating the demand and growth prospects of its Spacecraft Solutions business, resulting in projections regarding financial sustainability and revenue growth lacking a reasonable basis, which ultimately led to a decline in stock price.
- False Revenue Growth Claims: Flywire is alleged to have failed to disclose the significant adverse impact of student visa restrictions on its operations, leading to overstated revenue growth and transaction volume, with stock price significantly dropping after the truth was revealed.
- Lack of Internal Controls: Compass Diversified Holdings is accused of lacking effective internal controls over financial reporting and failing to disclose critical information regarding Lugano, resulting in positive statements about its financial reporting being materially false and misleading.
See More
Flywire Appoints Christine Katziff to Board of Directors
- New Board Member: Flywire Corporation has appointed Christine Katziff to its Board of Directors, who will also join the Audit Committee, bringing extensive audit and risk management experience from her 38-year career at Bank of America.
- Rich Leadership Experience: Katziff served as Chief Audit Executive at Bank of America, overseeing a global audit team and reporting directly to the CEO and the audit committee, ensuring best practices in risk, cybersecurity, and compliance.
- Community Engagement: Beyond her role at Flywire, Katziff is actively involved in community leadership, serving as chair of the board of directors at Novant Health and chairing the finance and facilities committee at Bryant University, demonstrating her commitment to health and education.
- Strategic Growth Contribution: Katziff expressed her eagerness to contribute to Flywire's next phase of growth, highlighting the company's unique capabilities in complex payments and rigorous controls, which will support sustainable growth in highly regulated industries.
See More
