As previously reported, Stephens analyst Charles Nabhan upgraded Euronet to Overweight from Equal Weight with a price target of $120, up from $110, ahead of Q4 earnings. The firm expects results and commentary around macro and business trends to set the stage for 10%-15% EPS growth in 2024, which should warrant multiple expansion, the analyst tells investors. The firm’s “constructive view” is based on an improvement in EU travel trends, capital flexibility for buybacks and margin tailwinds that could further support EPS growth, and a discounted valuation compared to both peer and historical levels.
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