UPDATE: Jefferies Initiates Coverage on Vantiv

According to a research report published this morning, Jefferies has initiated Vantiv

with a Hold rating and $24 PT. Jefferies commented in the report, "While well-positioned VNTV leverages its scale in long, sticky contracts, driving above-average margins, its lack of international presence and the intense competition in merchant processing are risks. We are positive on fundamentals, but at 17.0x C13 EPS, valuation looks full. Jefferies was a co-manager on VNTV's recent IPO." Vantiv closed yesterday at $22.52.