UPDATE: Ascendiant Capital Initiates First Cash Financial Services with Strong Buy on Significant Growth Prospects

In a report published on Monday, Ascendiant Capital analyst Elizabeth Pierce initiated coverage on First Cash Financial Services FCFS with a Strong Buy rating and a $65 price target.

In the report, Ascendiant Capital stated, “Although the recent volatility in gold has impacted near-term results, we believe this is a short-term issue given gold’s declining relevance to the company’s business model. We further believe the company’s growth prospects remain compelling with FCFS well- positioned to take advantage of the fragmented U.S. and Mexican pawn markets.”

First Cash Financial Services closed on Monday at $50.01