UPDATE: JP Morgan Downgrades First Cash Financial Services to Neutral on Valuation
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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.