Piper Jaffray Upgrades Euronet Worldwide (EEFT) to Neutral; Raises 2009-11 Estimates

October 29, 2009 8:22 AM EDT

Piper Jaffray & Co. upgrades Euronet Worldwide (Nasdaq: EEFT) to Neutral. Price target increased from $20 to $23.

Piper analyst says, "Overall, EEFT's fundamental trends in EFT and Prepaid remain solid, and we expect a modest improvement from Money Transfer over the next 12-18 months. Additionally, FX is set to become a tailwind to EEFT's growth. Most importantly, though, from a long-term point of view, we believe that EEFT has an attractive international footprint and processing platforms from which to drive solid and sustained growth. Therefore, we are upgrading EEFT to Neutral and increasing our price target multiple. The valuation on the shares keeps us at Neutral, for now...We are raising our '09/'10/'11 estimates from $1.26/$1.52/$1.63 to $1.33/$1.66/$1.89 as we expect stronger EFT segment results and higher margins in Prepaid."

To see more analyst ratings on EEFT Click Here.

Euronet Worldwide, Inc. provides electronic payment services.

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