UPDATE: Deutsche Bank Cuts PT to $16 on Pitney Bowes; Optimistic Guidance for FY12

Deutsche Bank reduces its price target on Hold-rated Pitney Bowes

from $20 to $16 on it believes FY12 guidance is optimistic. Deutsche Bank notes, "PBI reported revenues of $1.26B and adjusted EPS of $0.52 (vs. Street at $1.29B/$0.50; DB at $1.28B/$0.48). Revs missed our model in most segments and EPS upside was due to OPEX cuts and 1x items. We expect soft equipment placements, ongoing declines in PBI's installed base and weak mail growth to continue to pressure top line growth and profits. At ~8x CY12 EPS we believe these headwinds are largely priced into the stock and we expect PBI to remain range bound." PBI closed at $16.79 on Monday.