UPDATE: Sterne Agee Downgrades First Cash Financial Services to Neutral on Valuation
Sterne Agee downgraded First Cash Financial Services (NASDAQ: FCFS) from Buy to Neutral and announced a $58.00 price target.
Sterne Agee analyst Henry J. Coffey, Jr. wrote, "The Texas legislature is looking at a pay day/title pawn bill that looks like a very workable compromise. The shares of FCFS are up 4% this month and within 5% of our price target; we are changing our rating from BUY to NEUTRAL. […] The impact of the bills is arguably neutral; they place limitations on renewals and loan amounts, restrict borrowers to one loan at a time in the state and remove the ability of individual cities to regulate pay day loan rates, fees, terms, etc."
First Cash Financial Services closed at $55.13 on Tuesday.
Latest Ratings for FCFS
|Aug 2015||JMP Securities||Downgrades||Market Outperform||Market Perform|
|Jul 2015||Keefe Bruyette & Woods||Maintains||Market Perform|
|Jun 2015||JMP Securities||Maintains||Market Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.