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CATM

Cardtronics

$29.27

0.16 (0.55%)

, WBK

Westpac Banking

$25.46

0.1 (0.39%)

10:33
09/25/17
09/25
10:33
09/25/17
10:33

Cardtronics sinks after Australian banks pull ATM surcharges

Cardtronics (CATM) disclosed in a regulatory filing that it operates approximately 10,200 ATMs in Australia. On Saturday, Australia's four largest banks, the Commonwealth Bank of Australia, Australia and New Zealand Banking Group (ANZBY), Westpac Banking (WBK) and National Australia Bank Limited (NABZY), each independently announced a decision to remove all direct charges applied to transactions completed at their respective ATM networks, the company stated. "This unexpected market shift was instigated by a decision and announcement by CBA to remove direct charges with immediate effect, shortly thereafter each of ANZ, Westpac and NAB followed with direct charges on these ATM networks expected to be removed by October 2017," Cardtronics said. Collectively these four banks operate approximately 12,400 ATMs between them in Australia. The total number of ATMs operated in Australia is estimated to be approximately 32,000. Cardtronics went on, the "introduction of free to use ATMs in Australia may adversely impact the Company's revenues in the near term. It is unclear at this time as to what the longer term ATM strategy may be for these banks, and how it may ultimately impact the Company's operations in Australia." In the three months ended June 30, Cardtronics generated $33M in revenue from its Australia & New Zealand segment, of which $27.1M was surcharge revenue. Consolidated total revenue and surcharge revenue in the period was $385.1M and $169.8M, respectively. Cardtronics added, "The Company is currently evaluating the impact that this market development in Australia will have on its ATM transaction volumes and associated revenues in the near-term, as well as potential strategic implications for a broader market adoption of surcharge-free models in Australia similar to those in other markets in which the Company operates." Shares of the company, which operate a network of automated teller machines, or ATMs, are down over 12% to $25.62 in morning trading.

CATM

Cardtronics

$29.27

0.16 (0.55%)

WBK

Westpac Banking

$25.46

0.1 (0.39%)

ANZBY

ANZ Banking

$23.93

0.24 (1.01%)

NABZY

National Australia Bank

$12.45

0.12 (0.97%)

CATM Cardtronics
$29.27

0.16 (0.55%)

10/04/16
WELS
10/04/16
NO CHANGE
WELS
Outperform
Wells says Cardtronics deal for DirectCash Payments done at attractive valuation
Wells Fargo analyst Timothy Willi has a favorable view of Cardtronics' agreement to acquire DirectCash Payments, saying the deal is being done at an attractive valuation, has good strategic rationale and should increase confidence in the Cardtronics' ability to move through the 7-Eleven de-conversion. The analyst raised his price target range on Cardtronics to $54-$56 from $43-$45 and keeps an Outperform rating on the stock.
11/16/16
WELS
11/16/16
DOWNGRADE
WELS
Market Perform
Cardtronics downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Timothy Willi downgraded Cardtronics to Market Perform saying the stock is now fully valued. The company has been able to "largely plug the gap" left by 7-Eleven contract, Willi tells investors in a research note. He believes, however, that the "optics" of Cardtronics' revenue and earnings growth will be impacted over the next 18-24 months as the 7-Eleven contract rolls off. The analyst keeps a $54-$56 price target range for the shares.
06/19/17
LSCM
06/19/17
INITIATION
Target $46
LSCM
Buy
Cardtronics initiated with a Buy at Lake Street
Lake Street analyst Josh Elving started Cardtronics with a Buy rating and $46 price target. The recent share selloff has created an attractive entry point, the analyst contends. He views the company as an "important player in the new age of financial services."
06/22/17
RHCO
06/22/17
NO CHANGE
RHCO
Cardtronics should be bought on weakness, says SunTrust
SunTrust analyst Andrew Jeffrey recommends buying Cardtronics on weakness. The analyst thinks that the company remains well-positioned to take share in the ATM market, and he thinks that it is facing near-term headwinds, not structural weaknesses.
WBK Westpac Banking
$25.46

0.1 (0.39%)

07/12/17
GSCO
07/12/17
UPGRADE
GSCO
Buy
Westpac Banking upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Andrew Lyons upgraded Westpac Banking to Buy with a price target of A$35.77.
07/12/17
07/12/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nvidia (NVDA) upgraded to Buy from Hold at SunTrust with analyst William Stein saying he thinks most of the company's segments can deliver stronger than expected financial results. 2. Westpac Banking (WBK) upgraded to Buy from Neutral at Goldman Sachs. 3. GrubHub (GRUB) upgraded to Outperform from Market Perform at Cowen with analyst Thomas Champion citing anticipation of its new delivery industry model and encouraging data from Cowen's proprietary consumer delivery survey. 4. Durect (DRRX) upgraded to Buy from Hold at Stifel with analyst Adam Walsh saying he predicts the stock will rise over the next 12-18 months. 5. Zimmer Biomet (ZBH) upgraded to Buy from Neutral at Guggenheim with analyst Chris Pasquale saying the resignation of the company's Chief Executive Officer indicates that it is willing to consider a needed shift in strategy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/19/17
SBSH
07/19/17
UPGRADE
SBSH
Neutral
Westpac Banking upgraded to Neutral from Sell at Citi
07/20/17
MSCO
07/20/17
UPGRADE
MSCO
Overweight
Westpac Banking upgraded to Overweight from Equal Weight at Morgan Stanley
ANZBY ANZ Banking
$23.93

0.24 (1.01%)

NABZY National Australia Bank
$12.45

0.12 (0.97%)

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