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Fly News Breaks for June 11, 2018
EEFT
Jun 11, 2018 | 05:09 EDT
Goldman Sachs analyst James Schneider downgraded Euronet Worldwide to Neutral and lowered his price target for the shares to $94 from $101. The Europe Union's recent decision to regulate currency conversion fees charged at European ATMs, coupled the "significant delay" in setting specific fee caps and detailed rules on fees, has limited visibility on the 15% of Euronet's EBIT that is tied to these fees, Schneider tells investors in a research note. He believes the stock's multiple is likely to remain under pressure until investors have greater visibility into the new rules. The analyst, however, still find Euronet well positioned to take advantage of the long-term structural growth opportunity in ATMs.
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