JPMorgan Upgrades Diebold (DBD) to Overweight
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(Updated - January 21, 2021 5:17 AM EST)
JPMorgan analyst Paul Coster upgraded Diebold (NYSE: DBD) from Neutral to Overweight with a price target of $16.00 (from $10.00).
The analyst comments "DBD is trading at ~6.3x our 2021 PF EBITDA forecast, which is a slight discount to the five-year average of ~6.8x. The discount is warranted, in our view, given modest growth outlook, and elevated debt leverage as the firm manages through COVID-19. That said, we want to own the stock ahead of the firm’s DN Series ramp in 2H21, and the DN NOW program offers a path forward to sustainable 12%+ PF EBITDA margins. We expect DBD to outperform the mean of our coverage over the next 6-12 months."
Shares of Diebold closed at $11.18 yesterday.
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