UPDATE: Keefe, Bruyette & Woods Upgrades Heartland Payment Systems On Valuation

In a report published Tuesday, Keefe, Bruyette & Woods analyst Steven Kwok upgraded the rating on

from Market Perform to Outperform, and named a $56.00 price target. In the report, Keefe, Bruyette & Woods noted, “We are upgrading Heartland Payment Systems to Outperform from Market Perform on valuation; current share price levels have about 17% upside potential to our new $56 price target, which is derived by applying a 17x multiple to our new 2016 EPS estimate of $3.42 and discounting back roughly three months. Our 2014 and 2015 EPS estimates of $2.36 and 2.98, respectively, remain unchanged.” Heartland Payment Systems closed on Monday at $47.98.