Wells Fargo Upgrades Heartland Payment Systems (HPY) to Outperform
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Price: $31.23 +0.45%
Rating Summary:
8 Buy, 2 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
8 Buy, 2 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade HPY Now!
Wells Fargo upgraded Heartland Payment Systems (NYSE: HPY) from Market Perform to Outperform with a valuation range of $33-$35.
The firm comments, "We are upgrading shares of HPY to Outperform from Market Perform with a $33-$35 valuation range and believe that shares will again move higher as investors regain confidence in the ability of the company to grow its core business, expand the K-12 opportunity and prove that it can navigate the evolution (not revolution) of the new payment eco-system by leveraging the inherent strengths in its sales and services organizations. While we appreciate the concerns of the market and believe that the strong 18 month run in the shares and premium valuation set the stage for a pullback in the shares we believe that concerns are more than priced in to the story at this time. With increased management bench strength, ample financial flexibility and a prominent role in the merchant acquiring industry we believe that HPY has clear capability to evolve with the market place and continue to generate upper-single digit revenue growth, incremental margin expansion and reflate confidence in the story and valuations, moving shares higher over the next 12 months."
For an analyst ratings summary and ratings history on Heartland Payment Systems click here. For more ratings news on Heartland Payment Systems click here.
Shares of Heartland Payment Systems closed at $26.70 yesterday, with a 52 week range of $19.83-$34.00.
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The firm comments, "We are upgrading shares of HPY to Outperform from Market Perform with a $33-$35 valuation range and believe that shares will again move higher as investors regain confidence in the ability of the company to grow its core business, expand the K-12 opportunity and prove that it can navigate the evolution (not revolution) of the new payment eco-system by leveraging the inherent strengths in its sales and services organizations. While we appreciate the concerns of the market and believe that the strong 18 month run in the shares and premium valuation set the stage for a pullback in the shares we believe that concerns are more than priced in to the story at this time. With increased management bench strength, ample financial flexibility and a prominent role in the merchant acquiring industry we believe that HPY has clear capability to evolve with the market place and continue to generate upper-single digit revenue growth, incremental margin expansion and reflate confidence in the story and valuations, moving shares higher over the next 12 months."
For an analyst ratings summary and ratings history on Heartland Payment Systems click here. For more ratings news on Heartland Payment Systems click here.
Shares of Heartland Payment Systems closed at $26.70 yesterday, with a 52 week range of $19.83-$34.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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