Goldman Sachs Downgrades NetSpend (NTSP) to Sell on Pricing and Increased Competition

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Goldman Sachs downgraded NetSpend (NASDAQ: NTSP) from Neutral to Sell with a price target of $10.00 (from $11.00), saying they expect price compression and increased competition to offset card and volume growth.

"We believe this competition will pressure pricing in 2013, a risk that in our view is not fully reflected in Street expectations," the analyst said.

Goldman lowered 2012-2014 EPS forecast to $0.50/$0.56/$0.64 from $0.51/$0.61/$0.70.

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

Shares of NetSpend closed at $12.45 yesterday, with a 52 week range of $6.41-$12.46.

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