UPDATE: Goldman Sachs Upgrades Pitney Bowes to Neutral on Dividend Yield Support to Shares

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Goldman Sachs raises its rating on Pitney Bowes
PBI
from Sell to Neutral and establishes a price target of $15. Goldman Sachs notes, "Although PBI shares remain exposed to macro headwinds and we acknowledge downside risk to PBI's forecast for calendar 2012, consistent with our lower estimates for 2012 relative to management's current guidance, we see little risk to the company's dividend. Admittedly, the dividend and its current yield of 10.1% remain the single factor that we expect to support valuation for the shares which are now down 19.8% on a year-to-date basis (vs. the S&P 500 which is up 6.2% over the same period) and trade at 7.5X our calendar 2012 EPS of $1.98." PBI closed at $14.47 on Monday.
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Posted In: Analyst ColorUpgradesPrice TargetIntraday UpdateAnalyst RatingsGoldman Sachs
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