UPDATE: Compass Point Downgrades NCR Corporation to Neutral on Risk/Reward
Compass Point downgraded NCR Corporation (NYSE: NCR) from Buy to Neutral and reiterated the $30.00 price target.
Compass Point commented, "Since the October low the shares have appreciated ~32%. Following the strong run since October we are downgrading our rating to Neutral. Our $30 price target remains unchanged. While we remain optimistic heading into FY'13 forecasting 12% revenue growth to $6.5 billion driven by recent acquisitions of Retalix and Radiant Systems and see both FCPA resolution and reduced pension complexity as potential catalysts for improved sentiment, we hold to our $30 price target as fair and subsequently view the current risk/reward to be unattractive."
NCR Corporation closed at $28 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.