UPDATE: Sterne Agee Downgrades Cash America International Post Spin

In a report published Thursday, Sterne Agee analyst Henry J. Coffey, Jr. downgraded the rating on Cash America International (NYSE: CSH) from Buy to Neutral, and lowered the price target from $50.00 to $25.00.

In the report, Sterne Agee noted, “This is our first official look at CSH post spin or the stand along pure branch-based business. Our price target of $25 and published EPS estimates assume the company uses its expected cash flow in 2015 to pay a dividend and pay down debt. We have not factored into our estimates or price target the benefit of holding debt at current levels and buying in shares.”

Cash America International closed on Wednesday at $21.13.