NCR: Baird Upgrades; Banks Still Buying ATMs

NCR shares are trading higher after Robert W. Baird analyst Reik Read upped his rating on the stock to Outperform from Neutral. His price target increases to $31 from $26. Read raised his 2008 EPS estimate to $1.54 from $1.52; for 2009 he goes to $1.80 from $1.73.

Read says the upgrade follows a survey of bank ATM managers that “showed a positive North American ATM environment.” This is despite the current troubles in the U.S. banking sector. “Despite ongoing bank challenges, bank personnel tell us capital is available for ATM upgrades.”

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