CPI Card Group price target raised to $33 from $22 at Lake Street

Lake Street raised the firm’s price target on CPI Card Group to $33 from $22 and keeps a Buy rating on the shares. CPI reported “mixed” results, but lifted its 2024 revenue outlook and now expects mid-single-digit growth compared to the previous expectation for slight year-over-year growth, notes the analyst. The firm, which is “encouraged by the strong top line outperformance in Q2 and the lifted revenue outlook for the year,” thinks inventory headwinds should continue to lessen throughout the second half, setting CPI up for an acceleration in growth in 2025.