Brean Capital Lowers Price Target On Pitney Bowes On Great Value

In a report published Tuesday, Brean Capital analyst Ananda Baruah reiterated a Buy rating on

, but lowered the price target from $33.00 to $30.00. In the report, Brean Capital noted, “While we're lowering our TP to $30 from $33, we believe there is great and compelling value at current levels (35% appreciation + 3.5% dividend). While '15 looks to be a greater investment year than we'd anticipated (EPS guide of $1.85 - $2.00, or $1.93 midpoint vs. Street of $1.99), as PBI looks to market its eCommerce and software offering to its core SMB client base, we actually believe PBI has a more attractive route to material '16 EPS power than we previously did.” Pitney Bowes closed on Monday at $22.26.