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June 11, 2014
10:16 EDTCATMJefferies defends Cardtronics over Kerrisdale allegations
Concerns recently raised about Cardtronics' (CATM) accounting practices and the growth of the number of ATMs it manages are unfounded, research firm Jefferies wrote in a note to investors earlier today. WHAT'S NEW: Ramsey El-Assal, an analyst at Jefferies, responded to negative claims about Cardtronics that were recently made by research firm Kerrisdale Capital in a May 27 Seeking Alpha piece. Despite allegations regarding accounting practices related to depreciation of the company's automated teller machines, there is nothing wrong with the company's depreciation practices, El-Assal wrote. The analyst also disagreed with assertions that the number of ATMs managed by Cardtronics is barely growing when acquisitions are excluded. In fact, the number of ATMs managed by the company is growing even when acquisitions are excluded, the analyst believes. He kept a $41 price target and Buy rating on the shares. PRICE ACTION: In early trading, Cardtronics rose 1% to $30.68.
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