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Pitney Bowes (NYSE:PBI)‘s stock had its “neutral” rating restated by Zacks in a report issued on Friday. They currently have a $29.00 target price on the stock. Zacks‘s price target points to a potential upside of 3.83% from the company’s current price.

Zacks’ analyst wrote, “We maintain a Neutral recommendation on Pitney Bowes with a target price of $29. The company reported strong first quarter 2014 results, with earnings surpassing the estimates. In the quarter, the company’s revenues also increased modestly. Further, the company witnessed considerable growth in its Digital Commerce Solutions and a modest growth in the Enterprise Business Solutions business. This apart, the company also benefited from its strategic transformation process by containing its costs to drive up the profits. However, the SMB business continues to decline due to lower recurring revenues from the North American mailing business primarily due to the sluggish rentals revenues from France.”

Shares of Pitney Bowes (NYSE:PBI) traded up 0.47% on Friday, hitting $27.93. The stock had a trading volume of 865,810 shares. Pitney Bowes has a 1-year low of $13.76 and a 1-year high of $28.23. The stock has a 50-day moving average of $27.43 and a 200-day moving average of $25.48. The company has a market cap of $5.660 billion and a P/E ratio of 47.12. Pitney Bowes also was the target of a significant drop in short interest during the month of June. As of June 13th, there was short interest totalling 20,087,359 shares, a drop of 8.3% from the May 30th total of 21,909,564 shares. Approximately 9.9% of the company’s shares are short sold. Based on an average trading volume of 1,361,810 shares, the short-interest ratio is currently 14.8 days.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.41 by $0.01. The company had revenue of $937.00 million for the quarter, compared to the consensus estimate of $937.60 million. During the same quarter last year, the company posted $0.42 earnings per share. Pitney Bowes’s revenue was up 3.0% compared to the same quarter last year. On average, analysts predict that Pitney Bowes will post $1.85 earnings per share for the current fiscal year.

Pitney Bowes Inc is a global provider of software, hardware and services to enable both physical and digital communications and to integrate those physical and digital communications channels.

To view Zacks’ full report, visit Zacks’ official website.

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