Zacks Investment Research downgraded shares of Pitney Bowes Inc. (PBI) from OUTPERFORM to NEUTRAL on May 02, 2014, with a target price of $28.00.
We are downgrading our recommendation on Pitney Bowes from outperform to Neutral with a target price of $28. The company reported strong first quarter 2014 results, with earnings surpassing the estimates. In the quarter, the company's revenues also increased modestly. Further, the company witnessed considerable growth in its Digital Commerce Solutions and a modest growth in the Enterprise Business Solutions business. This apart, the company also benefited from its strategic transformation process by containing its costs to drive up the profits. However, the SMB business continues to decline due to lower recurring revenues from the North American mailing business primarily due to the sluggish rentals revenues from France.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Pitney Bowes Inc. (PBI),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment