UPDATE: JPMorgan Upgrades Diebold (DBD) to Neutral
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JPMorgan analyst Paul Coster upgraded Diebold (NYSE: DBD) from Underweight to Neutral with a price target of $7.00 (from $6.00).
The analyst comments "DBD is trading at ~6.0 times our 2021E PF EBITDA forecast, which is a discount to the three-year average of ~6.2x. The discount is warranted given the lack of growth, modest margins expansion, elevated debt leverage, as the firm enters a likely recession caused by the COVID-19 response. That said, the firm’s DN NOW program offers a path forward to better margins, EBITDA growth, lower interest costs in 2021-2022, and on balance we think both the near-term downside risk, and longer-term upside risk (~35% through 12/31 based on our price target), are priced into the stock here. As a Neutral-rated stock, we expect DBD to perform in line with the mean of our coverage over the next 6 - 12 months."
Shares of Diebold closed at $5.18 yesterday.
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