Euronet Worldwide (EEFT) PT Lowered to $180 at Needham on Weaker Cross Border Transactions

Needham & Company analyst Mayank Tandon lowered the price target on Euronet Worldwide (NASDAQ: EEFT) to $180.00 (from $185.00) after the company posted mixed 1Q results. Strength in the ePay and money transfer segments allowed the company to meet top line consensus but EBITDA and EPS came in below expectations largely due to softer trends in the EFT segment as increased COVID restrictions late in the quarter resulted in fewer high margin cross-border transactions.

The analyst reiterated a Buy rating, stating "Even though the earnings miss and NT outlook is disappointing, we continue to believe that EEFT's diversified global payments business is well positioned for a rebound in late FY21/FY22, especially as vaccines are distributed and global travel bounces back."

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