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UPDATE: Morgan Stanley Reiterates on Evertec Following Delays in International Expansion

In a report published Thursday, Morgan Stanley analyst Smittipon Srethapramote reiterated an Equal-Weight rating on Evertec (NYSE: EVTC), but lowered the price target from $26.00 to $24.00.

In the report, Morgan Stanley noted, “Puerto Rico macro headwinds still manageable, but delays in international expansion leads to lowered 2014 guidance. Despite continued contraction in the Puerto Rican economy, EVTC continued to experience positive transaction growth due to the continued secular shift of cash to cards. But growth outside of PR continues to be impacted by business delays. EVTC expected to receive a merchant acquiring license from Visa in Colombia by YE13, which is now expected in 2Q14. Mgmt also noted delays in closing two sizable JV deals in LatAm that are not included in 2014 guidance.”

Evertec closed on Wednesday at $24.07.

Latest Ratings for EVTC

DateFirmActionFromTo
Aug 2014JP MorganMaintainsOverweight
Mar 2014Stifel NicolausMaintainsBuy
Feb 2014Bank of AmericaMaintainsBuy

View More Analyst Ratings for EVTC
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Smittipon SrethapramoteAnalyst Color Price Target Analyst Ratings

 

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