Goldman Sachs analyst George Tong raised the firm’s price target on NCR Atleos (NATL) to $33 from $29 and keeps a Neutral rating on the shares. The company reported solid Q3 results that included revenue, EBITDA margin and EPS outperformance relative to the firm’s estimates and consensus, along with an increase to FY24 EPS guide, the analyst tells investors in a research note. NCR is continuing to forge ahead with its ATMaaS strategy, as evidenced by robust 23% y/y growth in ATMaaS revenue to reach 7% of Self-Service Banking segment revenue in Q3, also pivoting more to an ATMaaS-light strategy whereby more software and services are bundled and sold to larger banks without hardware sales, which is leading to less capex intensity and faster implementation times, Goldman added.
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