Piper Jaffray analyst George Tong lowered estimates and his price target on Neutral-rated Pitney Bowes (NYSE: PBI) to $26.00 (from $27.00) following Q4 results. Despite disappoint results the firm sees progress in the multi-year turnaround strategy with improving risk/reward.

Tong commented, "We find the risk/reward of PBI shares increasingly attractive, with shares off 7% following the company's 4Q print on 2/2. Concerns center around uncertainty from FX and perceived headwinds in equipment sales and free cash flow trends. We find these concerns overblown and transient in nature. We believe management's execution of the turnaround strategy is on track, with positive traction in NA SMB, operating margins and digital commerce growth. "

The firm lowered FY 2015 EPS from $1.99 to $1.86 and maintained FY 2016 EPS at $2.08.

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Shares of Pitney Bowes closed at $22.26 yesterday.