Piper Jaffray Starts Vantiv (VNTV) at Neutral

Piper Jaffray initiates coverage on Vantiv (NYSE: VNTV) with a Neutral rating and a price target of $36.00.

Analyst Jason Deleeuw comments, "VNTV's shares are -3% YTD vs. the S&P 500/processing peer group at +9%/-3%. VNTV is one of the few multi-channel merchant processors (direct, integrated payments, ISO, bank referral, e-commerce). We see VNTV as strategically well-positioned to drive high-single digit organic revenue growth and low-to-mid teens EPS growth. However, we believe VNTV’s premium relative valuation to its processing peers largely reflects its faster relative growth profile. The timing of cost and revenue synergies realized from the Mercury acquisition is a key upside/downside risk. Our $36 PT is based on 16.5x 2015E cash EPS of $2.19."

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

Shares of Vantiv closed at $31.31 yesterday.

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