June 25, 2013 8:11 AM | 1 min read
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In a report published Tuesday, Jefferies analyst Ramsey El-Assal initiated coverage on
Blackhawk Network Holdings (NASDAQ: HAWK) with a Buy rating and $30.00 price target.In the report, Jefferies noted, “We initiate on HAWK with a Buy rating and $30 price target. Key points in our thesis include: 1) solid business model with robust organic growth profile, 2) long, sticky contracts and duopoly market structure form a strong competitive moat, 3) large global opportunity for gift and other prepaid cards. In addition, we feel strong fundamentals are sustainable, and Street estimates may be conservative following the recent IPO.”Blackhawk Network Holdings closed on Monday at $23.83.
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