UPDATE: Barrington Research Initiates Planet Payment with Outperform on Leading Position

In a report published Monday, Barrington Research analyst Gary Prestopino initiated coverage on Planet Payment

with an Outperform rating and $5.00-$6.00 price target range In the report, Prestopino noted, “PLPM's technology processing platform enables acquiring customers to process payment transactions in real time and reconcile at the transaction level in 20 countries and 80 different currencies. PLPM's technology platform represents a significant barrier to entry with over $80 million in total investment to replicate. PLPM has a recurring revenue business model that generates fees every time a purchase is made across its network and typically enters into three- to five-year contracts with acquiring banks and processors for multi-currency processing services. Three secular growth trends for PLPM include the continued global shift toward electronic payment transactions, increased international travel and commerce, and increases in e-Commerce.” Planet Payment closed on Friday at $2.73.