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UPDATE: JP Morgan Downgrades First Cash Financial Services to Neutral on Valuation

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First Cash Announces Acquisitions in North Carolina, Kentucky & Virginia; Total of 52 Stores Added YTD in Mexico and the U.S.

JP Morgan downgraded First Cash Financial Services (NASDAQ: FCFS) from Overweight to Neutral and raised the price target from $56.00 to $58.00.

JP Morgan said, "Mexico remains underbanked and there are clearly opportunities for growth in the country. Nonetheless, the stock is currently trading close to its historical highs. At 14.25x '14e P/E vs. 13.85x fair value from peer comparison, we believe positive prospects for growth and currency upside are well priced in. Our new target price of $58 for year-end 2013 implies 7.7% upside potential, which we don't think justifies an OW rating any more."

First Cash Financial Services closed at $53.31 on Thursday.

Latest Ratings for FCFS

DateFirmActionFromTo
Aug 2015JMP SecuritiesDowngradesMarket OutperformMarket Perform
Jul 2015Keefe Bruyette & WoodsMaintainsMarket Perform
Jun 2015JMP SecuritiesMaintainsMarket Outperform

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