Goldman Sachs Upgrades Pitney Bowes (PBI) to Neutral, Sees Little Risk to Dividend

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Goldman Sachs upgraded Pitney Bowes (NYSE: PBI) from Sell to Neutral with a price target of $15, citing valuation and 10% dividend yield.

The firm comments, "Although PBI shares remain exposed to macro headwinds and we acknowledge downside risk to PBI’s forecast for calendar 2012, consistent with our lower estimates for 2012 relative to management’s current guidance, we see little risk to the company's dividend."

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 $14.47 yesterday, with a 52 week range of $12.81-$23.47.

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