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UPDATE: Piper Jaffray Initiates Pitney Bowes at Neutral on Intriguing Turnaround Story

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In a report published Wednesday, Piper Jaffray analyst George K. Tong initiated coverage on Pitney Bowes (NYSE: PBI) with a Neutral rating and $16.00 price target.

In the report, Piper Jaffray noted, “As a leading technology and services provider enabling the efficient processing of physical mail worldwide, Pitney Bowes represents an intriguing turnaround story. We believe the new management team can act as a catalyst to reinvigorate growth and improve operating efficiency, though we expect it will take 3-5 years before the business meaningfully pivots. Negative revenue comps through 2015, limited near-term EPS growth and fair valuations keep us on the sidelines. Initiating with Neutral.”

Pitney Bowes closed on Tuesday at $14.61.

Latest Ratings for PBI

DateFirmActionFromTo
Oct 2019National SecuritiesInitiates Coverage OnBuy
Feb 2019Northcoast ResearchDowngradesBuyNeutral
Jun 2018Maxim GroupInitiates Coverage OnBuy

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Posted-In: George K. Tong Piper JaffrayAnalyst Color Initiation Analyst Ratings

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StockFirmActionPT
GIKColliers SecuritiesInitiates Coverage On14.0
SANWLake StreetInitiates Coverage On6.0
LILAMorgan StanleyDowngrades15.0
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