From Notable Calls
J.P. Morgan is upgrading NCR Corp. (NYSE: NCR) to Overweight from Neutral with a $15 price target (prev. $16).
Assuming near zero growth in core ATM and retail businesses in 2010, the firm believes NCR can still eke out 5% revenue growth owing largely to ramping Blockbuster Express operations. They also believe the pension funding gap is likely to narrow slowly from here. There's still a ton of execution risk in this story, and company guidance has been poor recently, but the firm thinks risks are priced into the stock.
Core business remains weak. End market conditions have not changed since the 3Q conference call; retail is still very weak, but stable; financial services is stable and improving slowly. As ATM manufacturing ramps in Brazil and Georgia ...
This article: 652 words
Date Published: Dec 11, 2009 09:27AM
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