BMC Maintains Buy on Pitney Bowes

BMC is out with its report today on Pitney Bowes

, maintaining Buy. In its report, BMC writes, "After meeting with PBI, we feel net-positive about the PBI stock opportunity from these levels; key reasons include 1) 7%-8% dividend yield with defensible FCF, 2) 8x P/E and 6x EV/EBITDA are basically at all-time lows, 3) a better understanding why PBI truly believes recent top-line softness relative to GDP recovery is not as much 'secular mail' related (and some data provided below) as it has been related to credit constraints impacting new SMB business creation (which when it turns can be a nice tailwind). BMC maintains a $25 PT on PBI. Shares of PBI closed Friday at $19.06, up 0.26% from Thursday's close.