UPDATE: Piper Jaffray Reiterates on Euronet Worldwide on Strong Trends, Multiple Catalysts

In a report published Monday, Piper Jaffray analyst Michael J. Grondahl reiterated an Overweight rating on Euronet Worldwide EEFT, and raised the price target from $47.00 to $56.00. In the report, Piper Jaffray noted, “After significant outperformance in 2013, we recently sat down with EEFT management to help us assess future outperformance. Our conclusion: we remain very positive on EEFT's outlook due to strong trends and a number of catalysts. These include ATM growth, DCC for ATMs and POS, Poland, Google Play/iTunes and additional banks following Swiss Post. In addition, we are establishing 2015 revenue and EPS estimates of $1.726B and $2.79, which we believe are conservative. Our price target increases from $47 to $56 based on 10.5x 2015E adj. EBITDA of $281.4M.” Euronet Worldwide closed on Friday at $45.59.