UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on Cash America International
In a report published Monday, Sterne Agee reiterated its Buy rating on Cash America International (NYSE: CSH), and raised its price target from $45.00 to $53.00.
Sterne Agee noted, “CSH reported 4Q12 EPS of $0.79 vs. year-ago EPS of $1.18. Operating EPS for the quarter of $1.29 were above our and consensus expectations of $1.18. Operating EPS exclude the previously announced impact of costs related to the closing of jewelry-only in Mexico and the announced refund to Ohio customers. Key drivers of the positive operating EPS growth reported during the quarter were higher loan balances (= higher loan fees) and a 110 basis point decline in the company provision ratio, which declined from 44.7% in the year-ago period to 43.6%.”
Cash America International closed on Friday at $48.08.
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