UPDATE: JP Morgan Upgrades Cardtronics to Overweight on Valuation, Dissipating Overhangs - InvestingChannel

UPDATE: JP Morgan Upgrades Cardtronics to Overweight on Valuation, Dissipating Overhangs

JP Morgan upgraded Cardtronics (NASDAQ: CATM) from Neutral to Overweight and maintained a $31.00 price target.

JP Morgan noted, “We are upgrading CATM to Overweight (from Neutral), primarily on valuation and our view that interchange revenue concerns are overdone and fully baked into Street estimates next year, setting the stage for improved stock sentiment. We note our Dec ’13 PT ($31) and estimates are unchanged. We continue to view CATM as a relatively low risk, mid-teens EPS grower, fueled by mid-single-digit transaction growth, modest surcharge increases and continued bank branding and Allpoint wins.”

Cardtronics closed at $24.41 on Thursday.

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Tags: JP Morgan

Posted in: Analyst Color, Upgrades, Pre-Market Outlook, Analyst Ratings