Nayax (NYAX) is expected to benefit from higher cashless payment volume, more market share gains, recurring revenue growth, EV charging demand and better profit margins, Oppenheimer said in a note Wednesday.

The investment firm said Nayax could deliver a 41% adjusted earnings before interest, taxes, depreciation, and amortization compound annual growth rate through 2027 as it expands across vending, ticketing, EV charging, amusement, laundromats and parking.

Oppenheimer raised its revenue view to $515 million for this year and $633 million for 2027, while lifting its 2027 adjusted EBITDA estimate by about $10 million to $122 million.

Global unattended cashless payment volume could grow 19% annually from 2025 to 2029, reaching $257 billion, while Nayax should continue adding share, and Oppenheimer said it expects payments revenue to grow about 30% annually through 2028, while software revenue could rise about 20% a year on higher machine share and better average revenue per user.

Oppenheimer upgraded Nayax (NYAX) to outperform from perform and set an $86 price target, saying that Nayax's valuation is high, but long-term upside remains possible because of strong demand trends, recurring revenue, scale benefits and a business model that can hold up during weaker economic periods.

Shares of Nayax were up about 5.8% in recent trading.

Price: 74.81, Change: +4.13, Percent Change: +5.84