Fly News Breaks for October 10, 2019
Oct 10, 2019 | 09:02 EDT
Craig-Hallum analyst George Sutton reinstated coverage of USA Technologies with a Buy rating and $10 price target. The analyst notes that it has been a "long, painful year" for the company and its shareholders it has dealt with a restatement of approximately $5M of revenues that ultimately cost $15.4M of investigation and restatement expenses along with a hefty $6M audit fee for the year. Nonetheless, Sutton points out that the core business continues to grow at a healthy clip, up 27% in 2019, and is guided to grow approximately 20%-25% in 2020. In addition, over the past year, customer growth remained healthy, and transaction volume was up significantly, encouraging given that the company was going through a very public, challenging process, he contends.
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