Wachovia Initiates Coverage on Euronet Worldwide (EEFT) with an Outperform

May 20, 2009 9:29 AM EDT

Wachovia initiates coverage on Euronet Worldwide, Inc. (Nasdaq: EEFT) with an Outperform. Valuation Range of $20 to $22.

Wachovia analyst says, "We believe EEFT has one of the most attractive secular growth profiles in our universe, particularly among our small and mid-cap universe. With its primary market place centered in Eastern Europe, India and China, coupled with investments in emerging products such as pre-paid, we believe EEFT should have multiple growth tailwinds at its back for the foreseeable future driving mid-teens EPS growth over the next several years...EEFT is seeing market share gains in its sizable pre-paid franchise which will likely continue in our opinion through the balance of 2009 providing support for earnings power in the difficult economic and F/X comparison environment. In addition, we look for EFT (ATM) margins to improve with growth in the ATM network and a ramp-up in the OMV (European gas group) cross-border merchant processing contract."

Euronet Worldwide, Inc. (Euronet) is an electronic payments provider.

To see more analyst ratings on EEFT Click Here.

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