UPDATE: Sterne Agee Raises Target on Global Cash Access Holdings to $8.20

Sterne Agee reiterates its Buy on Global Cash Access Holdings

and raises its price target o $8.20 from $5.50 following Q4 results beat. Sterne Agee says, "4Q11 beat recently elevated investor expectations, in our view. Total revenue exceeded our forecast by ~5% and Cash EPS of $0.17 compared to our and consensus $0.13 (stock-based comp factored back in). Guidance for CY12 Cash EPS of $0.76 -$0.82 compared to our estimate of $0.59, though most of the variance to our former forecast is related to a newly addressed forward non-cash adjustment. We believe GCA's CY12 guidance is conservative, and expect it more likely than not to be revisited through the year, to the upside." GCA closed at $5.36 a share yesterday.