Citi remains cautious on Wise due to competitive pressure from Revolut

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.