CPI Card Group initiated with a Buy at DA Davidson

DA Davidson initiated coverage of CPI Card Group (PMTS) with a Buy rating and $36 price target With a “strong and rising” domestic market share, industry tailwinds, a forecast for high-single-digit growth in adjusted EBITDA and free cash flow, and falling net financial leverage, CPI is attractively valued at an enterprise value of 5.6 times estimated 2026 adjusted EBITDA, the analyst tells investors in a research note.