UPDATE: DA Davidson Raises PT to $36 on Deluxe Corporation on Valuation and Organic Growth
DA Davidson reiterated its Buy rating on Deluxe Corporation (NYSE: DLX) and raised its price target from $32 to $36.
DA Davidson commented, "DLX has a safe $1.00 dividend (3%+ yield), manageable debt, stable cash flows, and early signs of sustainable organic consolidated revenue growth. This stock should be trading higher. Given our improving confidence and estimate revisions, we are raising our price target from $32 to $36, which represents an unchanged EV/EBITDA multiple of 6.5x and a P/E multiple of 10x our 2013 estimates; nearly 20% appreciation."
Deluxe Corporation closed at $31.40 on Thursday.
Latest Ratings for DLX
|Feb 2014||Northland Securities||Initiates Coverage on||Market Perform|
|Jul 2013||Feltl & Co.||Initiates Coverage on||Buy|
|Jan 2013||DA Davidson||Terminates||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.