** William Blair upgrades Israeli fintech company Nayax NYAX.O to "outperform" from "market perform"

** Brokerage says investors' inability to accumulate positions in the U.S. due to very low trading volume had been the main reason for its "market perform" rating

** Says it is encouraged by the progress co has made and believes that continued fundamental outperformance could drive increased investor recognition and further improvements in liquidity

** NYAX's U.S.-listed shares are up 111% since William Blair launched coverage in April 2023

** Brokerage believes retrofitting vending machines and growing with existing customers will remain key growth drivers for Nayax

** 1 brokerage rates the stock "buy" and 3 "hold"; median PT $35.50 - data compiled by LSEG

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))