Wedbush bullish on NCR Atleos, initiates with an Outperform

As previously reported, Wedbush initiated coverage of NCR Atleos (NATL) with an Outperform rating and $35 price target Given its global installed base and position as one of two leading global ATM operators, the firm believes NCR Atleos’ free cash flow generation ability alone justifies its Outperform rating. The company is well positioned to leverage its industry-leading ATM installed base to increase the average number of services it provides and gain wallet-share of its customers, thereby displacing third-party vendors, Wedbush says. This, coupled with current debt reduction initiatives and free cash flow generation levels inform the firm’s positive bias on the company.