UPDATE: Goldman Sachs Initiates Evertec with Buy on Good Market Position
In a report published Tuesday, Goldman Sachs analyst Julio C. Quinteros Jr. initiated coverage on Evertec (NYSE: EVTC) with a Buy rating and $25.00 price target.
In the report, Quinteros noted, “As the leading payment processor in Puerto Rico and a leading merchant acquirer in Latin America, we view EVTC as well-positioned to benefit from its focus on the Latin American payments market, one of the fastest-growing payments end markets. Our current estimates suggest that EVTC is capable of sustaining a high single-digit revenue growth profile given a stable and rapid expansion into broader Latin America. This revenue growth coupled with inherent operating leverage and debt reduction should fuel a 20% EPS CAGR (2012-2015E).”
Evertec closed on Monday at $20.25.
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