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Sterne Agee maintains its Buy rating on Heartland Payment Systems
HPY and raises its price target to $32 from $28 on another strong quarter for the company.
Sterne Agee says, "Heartland reported very strong 4Q results and provided guidance above the consensus. Although our prior 2012 EPS estimate is above management's guidance, we are raising our estimate further as we believe guidance will prove too
conservative, much like last year. We believe the stock is in the midst of getting re-valued as investors better appreciate the company's earnings power and free cash flow."
HPY closed at $27.11 a share yesterday.
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