In a report published Tuesday, Morgan Stanley analyst Smittipon Srethapramote upgraded the rating on Green Dot GDOT from Underweight to Equal-Weight, and reiterated the $19.00 price target.
In the report, Morgan Stanley noted, “Following recent underperformance in GDOT, we move to EW, maintaining our $19 price target. In our view, GDOT competes in one of the most structurally challenged segments in the payments space and our upgrade does not reflect any easing of the structural concerns that we have. That said, given the stock's recent underperformance, we believe near-term downside risk may be limited and likely balanced by potential upside risk that could come with successful execution on a back-end loaded 2014 plan.”
Green Dot closed on Friday at $20.18.
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