UPDATE: Deutsche Bank Initiates Blackhawk Network with Buy on Accelerated Growth Trajectory
In a report published Tuesday, Deutsche Bank analyst Bryan Keane initiated coverage on Blackhawk Network Holdings (NASDAQ: HAWK) with a Buy rating and $29.00 price target.
In the report, Keane noted, “We are initiating coverage on HAWK, a leading prepaid payment network and the largest distributor of third-party gift cards, with a Buy rating and a $29 target price. HAWK has a defensive business model with multi-year contracts for over 100k distribution locations and 500 content providers. The company is well positioned to benefit from accelerated growth in prepaid cards driven by increased store productivity, new products, and international expansion and it should continue to deliver 20%+ revenue growth. Loyalty-enhanced programs, still in the early stages (currently at ~25% of stores, 70% of load volume), can drive above-industry growth by leveraging gift cards for self-use.”
Blackhawk Network Holdings closed on Monday at $24.81.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Deutsche BankAnalyst Color Initiation Analyst Ratings