Nomura Securities Downgrades EZCORP (EZPW) to Neutral on Valuation, FY13 EPS Trimmed
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Price: $29.49 +2.93%
Rating Summary:
10 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities downgraded EZCORP (NASDAQ: EZPW) from Buy to Neutral with a price target of $21.00 citing valuation.
Analyst Bill Carcache comments, "Shares have increased 15% since their most recent lows on November 14 following the company’s disappointing 4Q12 earnings conference call. With shares currently trading within ~8% of our $21 PT (based on a 7.8x blended multiple), we now see the risk/reward to owning EZPW as more in balance and believe a Neutral rating is more appropriate. Management’s turnaround strategy involves growing out of its gold scrapping challenges by doubling down in new store builds (both in the U.S. and Mexico) and in online consumer lending. EZPW management’s U.S. growth is beginning to suffer from an aging store base. EZPW is overweight in Texas."
The firm lowered FY13E EPS from $2.69 to $2.65.
For an analyst ratings summary and ratings history on EZCORP click here. For more ratings news on EZCORP click here.
Shares of EZCORP closed at $19.35 yesterday.
Analyst Bill Carcache comments, "Shares have increased 15% since their most recent lows on November 14 following the company’s disappointing 4Q12 earnings conference call. With shares currently trading within ~8% of our $21 PT (based on a 7.8x blended multiple), we now see the risk/reward to owning EZPW as more in balance and believe a Neutral rating is more appropriate. Management’s turnaround strategy involves growing out of its gold scrapping challenges by doubling down in new store builds (both in the U.S. and Mexico) and in online consumer lending. EZPW management’s U.S. growth is beginning to suffer from an aging store base. EZPW is overweight in Texas."
The firm lowered FY13E EPS from $2.69 to $2.65.
For an analyst ratings summary and ratings history on EZCORP click here. For more ratings news on EZCORP click here.
Shares of EZCORP closed at $19.35 yesterday.
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