Goldman Sachs Lowers Price Target On Pitney Bowes To $19

According to Goldman Sachs, Pitney Bowes PBI reported 2Q revenues of $1.31 bn (-1% in constant currency), 1% below its estimate. Goldman Sachs said that, excluding restructuring charges, 2Q EPS of $0.52 was $0.01 below estimate, with lower revenues and margins offset by a lower tax rate. “Based on our revised estimates, we lower our 12-month price target to $19 (from $21).” Pitney Bowes closed yesterday at $19.64.