Piper Jaffray Starts CardConnect Corp. (CCN) at Overweight

August 12, 2016 6:54 AM EDT
Get Alerts CCN Hot Sheet
Price: $8.95 -0.56%

Rating Summary:
    3 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Piper Jaffray initiates coverage on CardConnect Corp. (NASDAQ: CCN) with a Overweight rating and a price target of $14.00.

Analyst Jason Deleeuw commented, "We initiate coverage of CardConnect (CCN) with an OW rating and $14 PT (11x our ’17E EV/EBITDA). CCN is a merchant acquirer providing front-end payment processing solutions to over 65,000 small-mid-sized businesses (SMBs) and some large enterprises across the U.S. CCN processed over $17B of transaction volume for merchants in 2015. The majority of CCN’s revenue comes from in-store payment processing for SMBs acquired via ISO distribution partners. In 2015, CCN also began ramping an integrated payment gateway for ISVs/ISOs to offer their merchants e-commerce payment processing. We believe the combination of CCN’s 1) payment gateway offering, 2) security solutions, and 3) ISV/ISO distribution partnerships will accelerate growth and drive market share gains."

For an analyst ratings summary and ratings history on CardConnect Corp. click here. For more ratings news on CardConnect Corp. click here.

Shares of CardConnect Corp. closed at $10.00 yesterday.

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