Piper Jaffray Maintains Overweight Rating and $31 PT on Encore Capital

A report from Piper Jaffray reiterates its Overweight rating and $31 price target on Encore

. The report states, “ECPG reported $0.60 per share, in line with Piper and the Street. We note this included $1.1M ($0.03) related to internal legal channel and near-shore initiatives and $2M ($0.05) of other legal costs. Revenue of $120.6M was above our $116.0M estimate, while cash collections were a little low at $189.1M vs. our $195.1M estimate." ECPG closed yesterday at $27.74.