CoreCard price target lowered to $19 from $27 at B. Riley

B. Riley analyst Hal Goetsch lowered the firm’s price target on CoreCard (CCRD) to $19 from $27 and keeps a Buy rating on the shares. Customer concentration with Goldman Sachs (GS) for the Apple (AAPL) credit card finally caught up with CoreCard as Goldman is optimizing its services purchased from CoreCard to manage its portfolio to better profitability, the analyst tells investors in a research note. CoreCard screens expensive, but their revenues are long-term contracted and recurring in nature on the processing side, the firm contends.