UPDATE: Jefferies Lowers PT on Cash America to $58
Jefferies & Company has published a research report on Cash America International (NYSE: CSH) and has lowered the price target from $63 to $58 after the company reported a 4Q top line beat.
In the report, Jefferies writes, "CSH reported 4Q'11 EPS results of $1.18 which was $0.16 below JEF and consensus estimates. Asset balances grew dramatically driving provisions and loss rates higher in concert. Currently in a quiet period, CSH did not discuss results of its internet business platform or provide forward looking earnings guidance, due to an impending spin-off. CSH posted a 15% y/y increase in pawn loan originations as well as a 20% y/y increase in pawn loan balances for the 4th quarter, which is in-line with most other public pawn operators."
Jefferies maintains its Buy rating on Cash America, which is currently trading up $0.24 from yesterday's $43.58 closing price.
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