NCR Atleos initiated with a Hold at Stifel

Stifel analyst Shlomo Rosenbaum initiated coverage of NCR Atleos with a Hold rating and $31 price target The company is an ATM product and services provider and sells ATMs, Software to run the ATMs, and Services the ATMs, but the volume of ATMs is unlikely to increase much in the future, if at all, and NCR Atleos is focused on various ways of monetizing the existing ATM fleets that are already in market, the analyst tells investors in a research note. Stifel sees the stock as a “modest, but improving revenue growth story” where the margins should expand as the company grows its higher-margin offerings.