UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Euronet Worldwide Following Meetings with CEO

In a report published Monday, Piper Jaffray analyst Michael J. Grondahl reiterated an Overweight rating on Euronet Worldwide EEFT, and raised the price target from $39.00 to $44.00. In the report, Piper Jaffray noted, “We recently traveled to see investors with EEFT CEO Mike Brown. We believe EEFT continues to show momentum in all three businesses. In epay, its recent roll out of Google Play in Germany has been very strong and will be rolled out in an additional 6-7 countries in early 2014. We believe that with at least 4x as many Android phones in Europe as iPhones, this business could pass iTunes for EEFT in the future. Second, EEFT is talking to a number of banks to connect their mobile banking apps to iTunes and other ecommerce providers, like their current relationship with Swiss Post. We reiterate our OW, Top Pick for 2013 and increase price target to $44 from $39 based on 10.5x our 2014E EV/EBITDA of $223.5M ($55M net debt, 52.0M s/o). Our multiple expands to 10.5x from 9.5x based on better growth prospects.” Euronet Worldwide closed on Friday at $38.60.