Zacks Investment Research downgraded shares of NCR Corp-New (NCR) from OUTPERFORM to NEUTRAL on July 09, 2013, with a target price of $35.00.
NCR manufactures ATMs, point-of-sale devices, cash dispensers and various self-service kiosks. The company reported decent first-quarter results, with revenues growing across all segments and EPS surpassing the Zacks Consensus Estimate. The company provided a decent fiscal 2013 guidance anticipating more balanced revenue growth across its core Financial, Hospitality and Retail verticals. NCR's growing exposure into ATM and self service kiosks spaces is encouraging, given tremendous growth prospects in the respective markets. Though continuous products launches, growing popularity of its self-service offerings and synergies from acquisitions are catalysts, softness in ATM business in the matured markets and stiff competition from Diebold, European exposure and high debt burden are concerns. We downgrade the stock from Outperform to Neutral.
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