Euronet Worldwide’s Overweight Rating Reaffirmed at Piper Jaffray Cos. (EEFT)
Euronet Worldwide (NASDAQ:EEFT)‘s stock had its “overweight” rating reaffirmed by research analysts at Piper Jaffray Cos. in a report released on Monday, Stock Ratings Network reports. They currently have a $44.00 target price on the stock, up from their previous target price of $39.00. Piper Jaffray Cos.’s price objective would suggest a potential upside of 13.99% from the company’s current price.
The analysts wrote, “We recently traveled to see investors with EEFT CEO Mike Brown. We believe EEFT continues to show momentum in all three businesses. In epay, its recent roll out of Google Play in Germany has been very strong and will be rolled out in an additional 6-7 countries in early 2014. We believe that with at least 4x as many Android phones in Europe as iPhones, this business could pass iTunes for EEFT in the future. Second, EEFT is talking to a number of banks to connect their mobile banking apps to iTunes and other ecommerce providers, like their current relationship with Swiss Post. We reiterate our OW, Top Pick for 2013 and increase price target to $44 from $39 based on 10.5x our 2014E EV/EBITDA of $223.5M ($55M net debt, 52.0M s/o). Our multiple expands to 10.5x from 9.5x based on better growth prospects.”
Euronet Worldwide (NASDAQ:EEFT) traded up 0.79% on Monday, hitting $38.905. The stock had a trading volume of 80,501 shares. Euronet Worldwide has a one year low of $18.46 and a one year high of $38.63. The stock’s 50-day moving average is $36.81 and its 200-day moving average is $32.23. The company has a market cap of $1.947 billion and a price-to-earnings ratio of 62.46.
Euronet Worldwide (NASDAQ:EEFT) last released its earnings data on Wednesday, July 24th. The company reported $0.48 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.47 by $0.01. The company had revenue of $341.50 million for the quarter, compared to the consensus estimate of $340.28 million. On average, analysts predict that Euronet Worldwide will post $1.96 earnings per share for the current fiscal year.
Euronet Worldwide, Inc (NASDAQ:EEFT) is a global electronic payments provider.
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