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Benzinga
Benzinga
Business
Anusuya Lahiri

BTIG Remains Bullish On CoreCard Despite Apple's Move To Bring Financial Service Offerings In-House

Apple BTIG Mark Palmer Nasdaq NYSE
  • The news of Apple Inc (NASDAQ:AAPL) developing payment-processing technology to bring some of its financial-services offerings in-house triggered a meltdown in CoreCard Corp (NYSE:CCRD) share prices. 
  • However, BTIG analyst Mark Palmer views the pressure on CoreCard shares as vivid.
  • He sees it as unlikely that Apple's move to bring more of its payment processing in-house would impact the Apple Card program during the next several years. 
  • Having been viewed as differentiated due to its new level of privacy and security and multifaceted rewards program, Apple Card serves as an illustration of the versatility of CoreCard's software.
  • Palmer has a Buy rating and a $50 price target (82.5% upside) on CoreCard shares.
  • CoreCard's Q4 revenue of $13.05 million, up 36% year-on-year, topped the consensus of $12.25 million. The EPS of $0.30 beat the consensus of $0.28.
  • Price Action: CCRD shares closed lower by 5.97% at $27.40 on Thursday.
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