Markets & Finance

AG Edwards Cut Euronet Worldwide to Hold

AG Edwards downgraded Euronet Worldwide (EEFT) to hold from buy, citing valuation.

Analyst Timothy Willi believes Euronet Worldwide is capable of generating earnings per share (EPS) growth of 25% over the next several years. He thinks its ATM outsourcing business will continue to see strong growth in Asia, India, Central and Eastern Europe. In addition, he believes its pre-paid business should see accelerating growth over the next 24 months as U.S. and German top-up markets accelerate. While the affinity for long term fundamentals remains intact, he thinks upside from last night's closing stock price is modest, and he prefers to wait for a more attractive entry point.

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