Amidst a reshuffle of its European payments coverage, Citi has remained cautious on Wise PLC (LSE:WISE, FRA:6WS), keeping its 'sell' rating despite a positive update this week.
Citi upgraded Swiss software group Temenos to 'buy' and downgraded Italian payments group Nexi to 'neutral', as the bank's analysts assess the impact of the Middle East conflict on consumer spending and flag rising competitive pressures across the sector.
For London-listed money transfer specialist Wise, Citi retained a 750p target price against a current share price of 1,022p, pointing to an increasingly crowded market that analysts said is squeezing the company's ability to grow fees.
Web traffic data suggests Wise's online visitor numbers fell sharply in early 2026 on a year-on-year basis, though the bank notes this partly reflects an unusually strong comparison period in early 2025 when currency volatility spiked after the US election.
The more pressing concern is competition, including Revolut's newly granted full UK banking licence, which ups the competitive pressure on Wise in a market that accounts for roughly 20-25% of its revenues.
Revolut is also pushing into stablecoins, offering fee-free dollar conversions and winning a spot in a UK regulatory pilot that could shape the future of cross-border payments.
Amsterdam-headquartered Adyen remains Citi's top pick in European payments, with a €1,800 price target, supported by stable e-commerce trends heading into its May results.