Jefferies & Co. has a Hold rating and a $32 price target on shares o fFirst Cash Financial Svs. FCFS.
In a note to clients, Jefferies writes, "FCFS posted another all around good quarter, beating consensus by $0.02 and reaffirming full-year 2012 guidance of $2.12-2.20/share. Mexico continued to provide the bulk of the company's growth in the quarter and represented half of the company's 1Q11 revenues. Payday revenue declined to only 11% of the 1Q11 total, lowering regulatory risk in the process.
FCFS reported diluted EPS of $0.50, $0.02 ahead of the Street and $0.04 ahead of JEF. Overall the quarter looked good all around, with total revenues of
$120.8M in-line with our estimate of $122.0M. Net income of $15.9M was slightly ahead of our forecast of $14.6M, and was driven by better than forecast store operating expenses."
Shares of FCFS are down $1.48 to $36.87, a loss of 3.86%.
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