DA Davidson Cuts Rating, Estimates and PT on Green Dot Corp; Having Trouble Finding the GDOT
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Price: $13.53 +0.15%
Rating Summary:
5 Buy, 24 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 24 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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DA Davidson downgraded Green Dot (NYSE: GDOT) from Buy to Neutral with a price target of $20.00 (from $50.00).
Analyst, John Kraft, said, "We slashed our estimates and while we suspect management’s guidance was overly conservative, we expect the stock to be in the penalty box for some time. Given GDOT’s industry leading retail dependence, GDOT has the most to lose from the loss of retail exclusivity."
"Card metrics were affected by the loss of the TurboTax business as new cards activated grew only 8.8% to 1.98 million...Essentially the company expects to lose share as previously exclusive retail partners begin to offer competitive prepaid cards; NetSpend’s (Nasdaq: NTSP)(BUY) PayPal card, among others, was mentioned."
FY12 EPS estimate lowered from $1.70 to $1.35, FY13 from $2.40 to $1.62. FY12 revenues cut from $593.7M to $545.5M and FY13 from $712.3M to $596.2M.
For an analyst ratings summary and ratings history on Green Dot click here. For more ratings news on Green Dot click here.
Shares of Green Dot closed at $23.32 yesterday.
Analyst, John Kraft, said, "We slashed our estimates and while we suspect management’s guidance was overly conservative, we expect the stock to be in the penalty box for some time. Given GDOT’s industry leading retail dependence, GDOT has the most to lose from the loss of retail exclusivity."
"Card metrics were affected by the loss of the TurboTax business as new cards activated grew only 8.8% to 1.98 million...Essentially the company expects to lose share as previously exclusive retail partners begin to offer competitive prepaid cards; NetSpend’s (Nasdaq: NTSP)(BUY) PayPal card, among others, was mentioned."
FY12 EPS estimate lowered from $1.70 to $1.35, FY13 from $2.40 to $1.62. FY12 revenues cut from $593.7M to $545.5M and FY13 from $712.3M to $596.2M.
For an analyst ratings summary and ratings history on Green Dot click here. For more ratings news on Green Dot click here.
Shares of Green Dot closed at $23.32 yesterday.
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