It’s time for investors to step away from card issuer Marqeta , according to JPMorgan. The firm lowered its rating for Marqeta to neutral from overweight. It also slashed its price target to $6 from $9. The new price target implies only a 3.4% upside from Tuesday’s close price. “While we like the strategic value and long-term operational improvements being put in place at Marqeta, we feel it is time to move to the sideline,” analyst Tien-tsin Huang wrote on Wednesday in a client note. “We forecast near-term gross profit growth of 15-20% midterm, lower than our prior 30%+ view given headwinds from recent renewals, not including largest customer SQ which is set to be renewed by December 2024,” Huang added. The downgrade came a day after Marqeta posted its fourth-quarter results. The company’s loss per share was smaller than anticipated, but its revenue growth outlook was slightly below expectations. JPMorgan said that the company’s growth has normalized from its pandemic highs, and its growth outlook implies deceleration. “Given this uncertainty and period of muted growth relative to history, we are on the sidelines for the stock,” said Huang. Marqeta anticipates a blow to its revenue and margins in 2023, which Huang attributes to two factors: below-expectations sales bookings, as well as a renewed partnership with Visa that created a hit to its level of incentives. Despite the headwinds to growth in 2023, the analyst noted that Marqeta’s management expects revenue and profit growth to pick up again in 2024. Improving sales, a complete credit offering, and lapping renewal activity, and a renewal of its Block partnership are expected to create tailwinds. Marqeta shares were down 20% on Wednesday before the bell. Shares have fallen 5% in 2023 and more than 19% during the past 12 months. MQ 1D mountain MQ falls in the premarket —CNBC’s Michael Bloom contributed to this report.