UPDATE: Imperial Capital Maintains on Brink's Company, Raises PT

In a report published Monday, Imperial Capital analyst Jeff Kessler maintained Outperform on

, raising its price target from $35.00 to $38.00. According to the report, the analysts price target is based on comparative valuation of similar security companies. They do not rate the company's debt securities. “During 3Q13, non-GAAP segment operating margin increased to 8.5% vs. 6.8% year-over-year (yoy), while international margin increased to 10.6% vs 7.6%, and North American margin decreased to 1.5% vs. 4.5%, on a non-GAAP basis,” the report said. “We continue to believe that Brink's can recover its North American operating margins to 5-6% over two years on the heels of 1) cost reductions, 2) increasing performing branches in the U.S., 3) changing the revenue mix, and 4) better results from strengthening the U.S. management team.” The $38.00 price target is based on comparative valuation, the report noted. BCO closed Friday at $34.13.