Lake Street lowered the firm’s price target on CPI Card Group to $22 from $24 and keeps a Buy rating on the shares after CPI reported revenue, AEBITDA, and EPS below estimates and gave FY24 guidance that translates to revenue and AEBITDA below consensus. Despite 2023 showing a slight step back in revenue growth, the firm is encouraged by CPI’s expectation for a return to growth for the year and remains positive on the longer-term opportunities in contactless and eco-focused cards, the analyst says.
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