JMP Securities analyst David Scharf downgraded FirstCash to Market Perform, saying the shares now look to be "fairly valued" given the new overhang on near term pawn demand outlook in Mexico following the implemented government programs aiding lower income consumers. The analyst adds that the stock price is up 19% year-to-date to a multiple of 12.6-times his expected 2020 EBITDA, while the 3- and 5-year average forward multiples on FirstCash stand at 12- and 11-times. Scharf further states that the lack of significant M&A on the horizon as a catalyst further discourages assigning a premium multiple on FirstCash.