TD Cowen initiated coverage of FirstCash with a Market Perform rating and $120 price target. As the largest pawn operator in the Americas, FirstCash has successfully grown its business over time and has been one of the industry consolidators through store acquisitions, the analyst tells investors in a research note. The firm adds however that the company’s POS segment is exposed to high-ticket items, and so it saw headwinds when inflation was high last year, though the outlook has improved as inflation moderated.
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