UPDATE: Piper Jaffray Upgrades Cardtronics; Raises PT

According to a research report published this morning, Piper Jaffray has upgraded Cardtronics

from Neutral to Overweight, and increased PT from $29 to $32. In the report, Piper Jaffray commented, "CATM reported strong 1Q12 revenue of $191.0, vs. PJC at $171.1M, and consensus of $172M. Adj. EBITDA of $44.5M beat our forecast of $41.2M on 23.3% margins (80 bps below our estimate), and adj. EPS of $0.38 vs. our $0.34 estimate. Strong 38% Y/Y revenue growth was driven by 20% acquired, and 18% organic growth. Growth was aided by the leap year, mild winter and strength in transactions from tax refund prepaid cards. Low margin equipment sales were strong leading up to the March ADA compliance deadline. Overall, weaker margins were due to higher equipment sales and acquired business, which will take several quarters to realize synergies." Cardtronics closed yesterday at $26.69.