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

Related FCFS
Earnings Scheduled For October 16, 2014
First Cash Acquires 47 Pawn Stores In Mexico And Nine U.S. Pawn Stores In Colorado And Texas

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
Nov 2014JP MorganMaintainsOverweight
Sep 2014JefferiesInitiates Coverage onHold
Jul 2014FBR CapitalMaintainsMarket Perform

View More Analyst Ratings for FCFS
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Analyst Ratings

 

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