UPDATE: Goldman Sachs Initiates Coverage on Evertec with Buy Rating, $25 PT on Good Market Position

In a report published Tuesday, Goldman Sachs analyst Julio C. Quinteros Jr. initiated coverage on Evertec

with a Buy rating and $25.00 price target. In the report, Quinteros noted, “We initiate coverage of Evertec (EVTC) with a Buy rating and a 12-month price target of $25. 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.