Pitney Bowes Has Hit The Reset Button With Positive Earnings Results

Brean Murray Carret & Co. has published a research report on Pitney Bowes Inc. PBI following the company's stable September quarter with in-line revenues that were actually up q/q. In the report, Brean Murray Carret & Co. writes " (Revenue of $1.3B was in line with the Street consensus, while EPS was $0.55 vs. Street of $0.52). PBI reaffirmed its 2010 revenue guidance of 0% - 3% organic growth (ex-FX impacts), and tightened up its 2010 EPS guidance to $2.15 - $2.22 (or $0.58 - $0.65 for the Dec Q), from $2.10 - $2.30. PBI now expects to be to be at the high end of its $700M - $800M FCF guidance for the year and is tracking well ahead of its original cost save goals; to date PBI has recognized $65M in net cost savings (vs. its original 2010 goal of $50M), and has now raised its 2010 net cost save guidance to $100M for 2010, or ~$0.30 once annualized (so fully recognizable entering 2011)." Brean Murray Carret & Co. maintains its Buy rating and has lowered the price target from $28 to $26. Pitney Bowes closed yesterday at $22.13.