Analysts at Jefferies have raised their price target on Australia’s Tyro Payments (ASX:TYR) from A$1.25/share to A$1.40/share, upgrading their recommendation to ‘hold’ from ‘underperform’.

Jefferies anticipates that the payment firm’s FY23 results will mostly align with market expectations.

The brokerage predicts FY23 results will see a boost from increased merchant service fees.

They also predict that FY23 transaction value will coincide with the market consensus of A$42.55 billion, aligned with the company’s guidance of A$42.25 billion to A$42.75 billion.

Among eight analysts, four rate the stock ‘buy’, two ‘hold’, and two ‘sell’, with a median price target of A$1.50.

The stock has so far decreased by 17.3% this year, according to last close.

Tyro Payments (ASX:TYR) is an Australian company that focuses on electronic payment services.