OzForex upgraded to Buy

The international payments company is still struggling to hit targets for new customers, but it's probably no more than a temporary blip.

There was a sense of déjà vu about yesterday’s first-quarter result from OzForex, released alongside its AGM. As at the full-year result in May, profit growth was healthy; as at the full-result, the company said it was on track to meet its revenue and profit forecasts for the 12 months to September; and as at the full-year results, the shares promptly tanked – yesterday by 8% and in May by 19%. The stock is now at its lowest since floating in October last year and is 36% below its March peak.

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