Janney Montgomery Scott Upgrades Heartland Payment Systems (HPY) to Buy; Way to Play Durbin

Janney Montgomery Scott upgraded Heartland Payment Systems (NYSE: HPY) from Neutral to Buy. PT $28.

JMS analyst says, "We are upgrading shares of HPY to BUY following yesterday's Senate vote and our positive meetings with management. We believe HPY will gain market share as a result of lower debit card interchange fees. Yesterday's defeat of Senator Tester's legislative attempt to delay his colleagues (Durbin) amendment was unsuccessful. As a result, we anticipate the Federal Reserve to issue final rules before the mandated July 21st deadline. History suggests lower interchange fees on debit cards affords honest brokers like Heartland an opportunity to gain share, as was the case in 2003 when signature debit card fees were temporarily lowered (Wal-Mart settlement)."

For more ratings news on Heartland Payment Systems click here and for the rating history of Heartland Payment Systems click here.

Shares of Heartland Payment Systems closed at $18.51 yesterday.

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