Piper Jaffray Starts CardConnect Corp. (CCN) at Overweight
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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."
Shares of CardConnect Corp. closed at $10.00 yesterday.
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