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Fly News Breaks for July 7, 2015
CATM
Jul 7, 2015 | 09:56 EDT
Wells Fargo estimates the 7-Eleven business represents $200MM of revenue and approximately 20%-25% of Cardtronics' consolidated adjusted net income. Wells believes shares have "somewhat discounted" the risk of losing 7-Eleven, and the firm expects shares to receive a higher valuation given a stronger growth profile It estimates the Cardtronics business, excluding 7-Eleven, could still be valued in the range of $34-$38 per share. The stock is down $3.84 to $32.96 in early trading. Wells keeps an Outperform rating on name.
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