UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Green Dot Corporation Following 1Q EPS

In a report published Wednesday, Goldman Sachs analyst Julio C. Quinteros Jr. reiterated a Neutral rating on Green Dot Corporation

, and slightly raised the price target from $14.00 to $15.00. In the report, Quinteros noted, “GDOT reported 1Q revenue/adjusted EPS of $154 mn/$0.38 vs. our forecast of $140 mn/$0.28. On a management-defined basis revenue (excluding retailer incentives) and EPS (excluding stock based comp) were $156 mn/$0.42 vs. our forecast of $142 mn/$0.31 and the Street's forecast of $144 mn/$0.37. GDOT raised its adjusted revenue guidance to $525-$550 mn, but left its EBITDA/adjusted EPS unchanged. Reflecting 1Q13 results, we raise our 2013/2014/2015E EPS to $0.98/$1.05/$1.18. Reflecting our higher EPS and higher multiple assumptions, we raise our 12-month price target to $15 (from $14), implying a CY13 P/E of 15.3X (vs. 14.7X).” Green Dot Corporation closed on Tuesday at $15.71.