Brean Murray Carret & Co. Downgrades Pitney Bowes (PBI) to Hold; Balanced Risk Reward Given Weaker Macro
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Price: $14.58 -0.75%
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Trade PBI Now!
Brean Murray Carret & Co. downgraded Pitney Bowes (NYSE: PBI) from Buy to Hold.
Analyst, Ananda Baruah, said, "We're moving our rating to Hold as we see balanced risk reward ($10-16) for the time being as we wait to 1) get further visibility on macro, 2) see what the impact can be in late 2012 and early 2013. Recent macro headwinds have become exacerbated since the Mar Q call and since our management meeting on 5/30 on 6/4. PBI's 2012 guidance is predicated on ongoing improvement on meter installs (Mar Q was down mid-single digits vs. Dec Q of double digit declines) - we believe this is less likely with macro softening; we expect FX also to be an additional headwind, albeit less significant." (FY12 EPS estimate lowered from $2.15 to $2.10)
For an analyst ratings summary and ratings history on Pitney Bowes click here. For more ratings news on Pitney Bowes click here.
Shares of Pitney Bowes closed at $13.24 yesterday, with a 52 week range of $12.81-$21.76.
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Analyst, Ananda Baruah, said, "We're moving our rating to Hold as we see balanced risk reward ($10-16) for the time being as we wait to 1) get further visibility on macro, 2) see what the impact can be in late 2012 and early 2013. Recent macro headwinds have become exacerbated since the Mar Q call and since our management meeting on 5/30 on 6/4. PBI's 2012 guidance is predicated on ongoing improvement on meter installs (Mar Q was down mid-single digits vs. Dec Q of double digit declines) - we believe this is less likely with macro softening; we expect FX also to be an additional headwind, albeit less significant." (FY12 EPS estimate lowered from $2.15 to $2.10)
For an analyst ratings summary and ratings history on Pitney Bowes click here. For more ratings news on Pitney Bowes click here.
Shares of Pitney Bowes closed at $13.24 yesterday, with a 52 week range of $12.81-$21.76.
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