Zacks Investment Research upgraded shares of Pitney Bowes Inc. (PBI) from UNDERPERFORM to NEUTRAL on November 29, 2013, with a target price of $25.00.
Pitney Bowes is one of the world's largest providers of mail processing equipment and integrated mail solutions. The company's third quarter saw an upturn with the company's adjusted earnings beating estimates. However, the company's top line was impacted by lower recurring revenues from the company's SMB group and sluggish performance in its Enterprise Business Solutions despite the considerable growth in the Digital Commerce Solutions and the International Mailing businesses. Nonetheless, Pitney Bowes has been divesting its non-profitable businesses in order to become a more streamlined and focused company. Thus, we are reaffirming our Underperform recommendation on Pitney Bowes with a target price of $25.
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