UPDATE: Piper Jaffray Initiates Coverage on Pitney Bowes with Neutral Rating, $16 PT on Intriguing Turnaround Story

In a report published Wednesday, Piper Jaffray analyst George K. Tong initiated coverage on

with a Neutral rating and $16.00 price target. In the report, Piper Jaffray noted, “As a leading technology and services provider enabling the efficient processing of physical mail worldwide, Pitney Bowes represents an intriguing turnaround story. We believe the new management team can act as a catalyst to reinvigorate growth and improve operating efficiency, though we expect it will take 3-5 years before the business meaningfully pivots. Negative revenue comps through 2015, limited near-term EPS growth and fair valuations keep us on the sidelines. Initiating with Neutral.” Pitney Bowes closed on Tuesday at $14.61.