Fly News Breaks for May 9, 2019
May 9, 2019 | 09:21 EDT
Craig-Hallum analyst George Sutton downgraded Stamps.com to Hold from Buy and lowered his price target on the shares to $48 from $125. While the analyst endorsed the company's long-term move to shift away from USPS exclusivity, given the logic that the market potential of potential partnerships with a range of carriers would be a significant opportunity, he notes that it is a slower, more complicated process than he appreciated. Now, Sutton adds, the "very successful, very profitable" reseller program is being renegotiated, a move that "if too draconian," could materially undermine the market share for packages held by the USPS.
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