Pitney Bowes "hold," target price raised

10/25/06 - Deutsche Securities

NEW YORK, October 25 (newratings.com) - Analysts at Deutsche Bank Securities maintain their "hold" rating on Pitney Bowes (PBI). The target price has been raised from $42 to $46.

In a research note published yesterday, the analysts mention that the company has reported its 3Q06 results broadly in-line with the expectations. Pitney Bowes has indicated that the Congress is more likely to pass the postal reform in 2007 than in the current quarter, the analysts say. With benefits from account rationalization in the PBMS, restructuring and PSI integration initiatives underpinning profitability, the company is expected to continue to deliver healthy EPS going forward, Deutsche Bank Securities adds.