Nomura Securities Starts Cash America International (CSH) at Neutral; Risk/Reward Tradeoff Keeps Us on the Sidelines

Nomura Securities initiates coverage on Cash America International (NYSE: CSH) with a Neutral. PT $55.00.

Nomura analyst, Bill Carcache, said, "CSH is one of the largest publicly traded specialty consumer lenders in the US. While we like the upside potential from its online business and capital return to shareholders, CSH has the most exposure within our coverage universe to the US payday lending business (26% of revenues), where we see the greatest regulatory risk. Our FY’12 and FY’13 EPS ests are $5.16 and $5.84, respectively. Our px tgt is derived using a blended multiple of 9.4x to our base case 2013 EPS estimate vs. peers at 10.2x NTM earnings."

For an analyst ratings summary and ratings history on Cash America International click here. For more ratings news on Cash America International click here.

Shares of Cash America International closed at $47.84 yesterday.

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