Cardtronics (CATM) PT, Estimates Raised at Piper Jaffray Post Q2
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Piper Jaffray analyst Michael Grondahl raised estimates and his price target on Overweight-rated Cardtronics Inc (NASDAQ: CATM) to $41.00 (from $38.00) following Q2 results.
Grondahl commented, "CATM reported 2Q15 revenues of $303.7M vs. PJC at $298.6M and adj. EPS of $0.71 above PJC at $0.69. Revenues grew 17% Y/Y (21% Y/Y CC) and were benefited by 6% Y/ Y organic growth (CATM targets 6%-8% organic growth rates), the Welch acquisition and Co-op launch. While gross margins decreased 20 bps Y/Y due to mix from now sold ancillary businesses, we highlight management actually increased 2015 gross margin guidance by 50 bps to reflect higher margin acquisitions. CATM ended the quarter with 113.5K total ATMs, up from 83.2K Y/Y. We believe this was a solid quarter for CATM and continue to believe 2015 prospects are promising especially from an operating leverage perspective. We reiterate our OW rating and increase our PT to $41."
The firm raised FY 2015 EPS from $2.82 to $2.86 and FY 2016 EPS from $3.18 to $3.21.
For an analyst ratings summary and ratings history on Cardtronics Inc click here. For more ratings news on Cardtronics Inc click here.
Shares of Cardtronics Inc closed at $35.68 yesterday.
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