BTIG Remains Bullish On CoreCard Despite Apple's Move To Bring Financial Service Offerings In-House

The news of Apple Inc AAPL developing payment-processing technology to bring some of its financial-services offerings in-house triggered a meltdown in CoreCard Corp CCRD share prices.
However, BTIG analyst Mark Palmer views the pressure on CoreCard shares as vivid.
He sees it as unlikely that Apple's move to bring more of its payment processing in-house would impact the Apple Card program during the next several years.
Having been viewed as differentiated due to its new level of privacy and security and multifaceted rewards program, Apple Card serves as an illustration of the versatility of CoreCard's software.
Palmer has a Buy rating and a $50 price target (82.5% upside) on CoreCard shares.
CoreCard's Q4 revenue of $13.05 million, up 36% year-on-year, topped the consensus of $12.25 million. The EPS of $0.30 beat the consensus of $0.28.
Price Action: CCRD shares closed lower by 5.97% at $27.40 on Thursday.

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