UPDATE: Topeka Capital Markets Reiterates Hold Rating, Lowers PT on Green Dot Corporation

In a report published Friday, Topeka Capital Markets reiterated its Hold rating on Green Dot Corporation

, but lowered its price target from $30.00 to $18.00. Topeka Capital noted, “We are reiterating our Hold rating on GDOT shares, but are cutting our price target to $18, from $30, and our 2012 and 2013 EPS estimates to $1.30 and $1.50, respectively, from $1.70 and $2.25, after the Company reported a 2Q12 earnings miss and provided a substantially weaker outlook. The 2012 guidance, which implies a dramatic slowdown in the Company's core operating metrics, and associated commentary that suggests limited forward visibility, were very disappointing and play right into the hands of bearish prepaid investors who expect dwindling retail exclusivity and increasing competition to overwhelm the potential industry growth opportunity. Nonetheless, while fundamentals are clearly under pressure, we remain at Hold, primarily on valuation.” Green Dot Corporation closed on Thursday at $23.32.