Cowen Starts Heartland Payment Systems (HPY) at Market Perform

Cowen initiates coverage on Heartland Payment Systems (NYSE: HPY) with a Market Perform rating and a price target of $64.00.

Analyst George Mihalos commented, "We initiate coverage with a Market Perform rating and $64 TP, 19x our CY17 adj. EPS estimate (expensing stock comp). HPY is a top 10 US merchant acquirer targeting small-medium sized businesses. Near-term we see HPY as one of the better margin expansion stories, with the most upside to a pick-up in discretionary spending. Long-term we think its POS approach could create channel conflict."

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 $62.54 yesterday.

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