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Wedbush's Luria: $10 Billion Bid For NCR 'May Be Too High'

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Shares of NCR Corporation (NYSE: NCR) are soaring, up 11.2 percent on reports of a potential $10 billion dollar joint-bid from Blackstone Group LP (NYSE: BX) and The Carlyle Group LP (NASDAQ: CG), according to Reuters.

NCR Corp manufactures ATM machines, as well as cash registers.

In an exclusive interview with Benzinga, Gil Luria of Wedbush said, “It is likely there are multiple bids for NCR, however, a $10 billion bid may be too high considering it is 20 times cash flow.” Luria added that NCR holds inexpensive debt, making it harder for private equity firms to receive the benefits of refinancing.

NCR is expected to report earnings late next month, according to Estimize. The company last reported first quarter earnings per share of $0.43 versus estimates of $0.39, while booking a slight revenue miss.

Latest Ratings for NCR

DateFirmActionFromTo
Oct 2020Wells FargoMaintainsOverweight
Oct 2020JP MorganUpgradesNeutralOverweight
Oct 2020Morgan StanleyMaintainsEqual-Weight

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StockFirmActionPT
HYMCBMO CapitalInitiates Coverage On
DEMorgan StanleyMaintains335.0
SBNYRaymond JamesMaintains138.0
CORTHC Wainwright & Co.Maintains32.0
CYBBFCitigroupDowngrades
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