Pitney Bowes initiated with an Outperform at Citizens JMP

Citizens JMP initiated coverage of Pitney Bowes (PBI) with an Outperform rating and $13 price target The firm says Pitney is the dominant player for sending and first-mile sortation of physical mail in the U.S. The company Pitney enjoys a market leadership position in both of its business segments and the shares at current levels offer a “compelling” valuation, the analyst tells investors in a research note. Citizens believes Pitney’s new management has been decisive with shareholder-friendly capital allocation actions.