Pitney Bowes upgraded to Neutral at BofA amid early turnaround signs

As previously reported, BofA upgraded Pitney Bowes (PBI) to Neutral from Underperform with a price target of $16.50, up from $9.50, following better-than-expected Q1 results. Given its view that Pitney Bowes is “beginning to turn a corner” on stabilizing revenue declines, coupled with meaningful cost take-out since 2024 and robust share buybacks, the firm is more confident on operating earnings growth and capital return, but sees shares as discounting much of a potential turnaround with the stock up about 50% year-to-date, the analyst tells investors.