Brean Murray Carret Reiterates Buy, $20 PT on Pitney Bowes on Cash Flow Confidence
Brean Murray Carret maintains its Buy rating and $20 price target on Pitney Bowes (NYSE: PBI).
Brean Murray Carret notes, "Pitney continues feels comfortable in its ability to generate adequate cash to pay its dividend (~$300M), handle debt obligations and fund growth initiatives. PBI believes in the N-T FCF in the $700M - $800M range is sustainable, with levels of ~$600M L-T once they begin to use WC to build inventory when U.S. mail metering business stabilizes, ‘tho timing is unclear."
PBI closed at $13.42 on Wednesday.
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