In a note released Monday morning, Barrington Research analyst Gary Prestopino downgraded shares of USA Technologies, Inc. USAT from Outperform to Market Perform while maintaining a $3 to $4 target price range.
As reasons for the downgrade, Prestopino cited lower-than-expected fourth quarter 2014 results and 2015 EBITDA growth guidance. He also explained the poor performance in the fourth quarter was due in part to extended grace periods for new terminal placements, which caused the company to incur the related depreciation expense without receiving the revenue.
Amid the downgrade, shares of USA Technologies were trading down 3.7 percent at $1.83.
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