UPDATE: Sterne Agee Reiterates Neutral Rating, Removes PT on Euronet Worldwide on Accretive Money Transfer Acquisition

In a report published Tuesday, Sterne Agee analyst Jennifer Dugan reiterated a Neutral rating on

, but removed the $20.00 price target. In the report, Sterne Agee noted, “After the close EEFT announced an accretive acquisition of HiFX, a U.K.-based provider of on-line money transfer services. EEFT will pay $242mn in cash and stock with the acquisition expected to add $0.15 to EPS in its first 12 months, some 6% accretion to our forward estimates. We view the acquisition favorably as it gives EEFT a stronger foothold in account-to-account money transfer with good revenue synergy opportunities.” Euronet Worldwide closed on Monday at $36.21.