UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on First Cash Financial Services

In a report published Monday, Jefferies & Company reiterated its Buy rating on First Cash Financial Services

, and raised its price target from $48.00 to $56.00. Jefferies noted, “Pawn industry asset and revenue growth continues to be driven primarily in Mexico with the US returning to a more normalized growth environment. Growth in online payday lending continues to outpace brick and mortar based lending, with an evolving regulatory environment that should be a long term positive for the more established players in the market. We continue to prefer FCFS and increase our PT to $56 from $48.” First Cash Financial Services closed on Friday at $48.29.