UPDATE: Morgan Stanley Initiates Coverage on Evertec with Overweight Rating, $23 PT on Multiple Growth Drivers

In a report published Tuesday, Morgan Stanley analyst Suzanne E. Stein initiated coverage on Evertec EVTC with an Overweight rating and $23.00 price target. In the report, Stein noted, “In addition to growth from new customers, cross-sell potential, and expansion into new verticals in its home market of Puerto Rico, EVERTEC appears uniquely positioned to move into other high-growth markets in LatAm. A suite of services that span the entire transaction processing chain and an existing foothold in Puerto Rico give the company an advantage over other larger competitors. Our model forecasts a 7% revenue growth CAGR ('12-'15) and 28% net income CAGR, which implies ~2.5% penetration of the addressable payments market in LatAm.” Evertec closed on Monday at $20.25.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorInitiationAnalyst RatingsHealth CareLife Sciences Tools & ServicesMorgan Stanley
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!