Piper Jaffray Remains Bullish on Heartland Payment Systems (HPY) After Traveling with Management
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Piper Jaffray reiterated an Overweight rating and $75.00 price target on Heartland Payment Systems (NYSE: HPY) after traveling with management. HPY is targeting POS vendors that primarily generate revenue from POS hardware/software sales vs. those that primarily generate revenue from payment processing. Analyst Jason Deleeuw has increased conviction that HPY will be able to meaningfully grow its iPOS channel presence.
Deleeuw commented, "Following travel with management, we believe our thesis for improving margin performance in the 2H15 and into ‘16 remains on-track. HPY’s L-T GAAP operating margin goal remains 25% vs. our ~18% forecast in ’15 (~19% after adjusting for Leaf shutdown and Heartland Summit costs). We also have increased conviction that HPY will be able to meaningfully grow its iPOS channel presence as HPY’s bundled package of POS software and payment processing offers POS vendors compelling economics. We also expect HPY’s K-12 school and campus payments businesses will continue to grow at double digit rates with better than company average margins and strong competitive barriers. We reiterate our OW rating and $75 PT."
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 $66.59 yesterday.
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