Outperformance Continues With Cardtronics Inc (CATM)

Deutsche Bank is out with a report, where it reiterates its “buy” rating on Cardtronics Inc CATM; it has also raised its target price from $18.00 to $19.00 on the stock. CATM posted strong 2Q results that outperformed DB estimates by $0.06. The analysts at DB noted, “We remain comfortable at high-end of 2010 ranges, and upped our PT to $19 on higher #s beyond this yr, for 2011 accretion from (i) debt refinancing (+$0.11-0.12), (ii) Kroger ($+0.02-0.03), (iii) more wins from strongest pipeline yet (8K retail locations are up for grabs and discussion underway w/ half of top 15 banks).” Deutsche Bank also added, “We keep our 2010 revs at $530m as we expect slight shortfall in 2Q and 2H headwinds in Mexico to be offset by 4Q revs from Kroger, while drag from 2 contract losses were already in our ests. Our EPS are now higher by $0.08 to $0.93 (high end of guidance) as we layer in savings from debt refinancing to this Q’s upside, while changes in Mexico likely cancel each other.” CATM is currently trading at $14.43, up $1.33 in this morning’s trading session.