UPDATE: Brean Murray Reiterates Hold on Pitney Bowes

Brean Murray reiterated a Hold rating on Pitney Bowes PBI after it reported earnings. Brean Murray commented, “PBI generated revenue and EPS of $1.2B and $0.50 (vs. Street of $1.2B and $0.49) – due to softer macro, CY12 revenue and EPS guidance was reduced to flat to a 4% revenue decline, and EPS to $1.95 - $2.15 (from revenue of +2% to -2% and EPS of $2.05 - $2.25). Our 2012 EPS forecast moves to $2.00 from $2.10, and we introduce our 2013 EPS estimate of $1.97.” Pitney Bowes closed at $12.94 on Thursday.