J.P. Morgan Comments On 1Q11 Results For Cardtronics

According to J.P. Morgan, Cardtronics (NASDAQ: CATM) reported solid 1Q11 results of $138mm/$0.27 versus JPM and Street at $134mm/$0.25 and $134mm/$0.24, respectively.

J.P. Morgan said that EPS upside versus its model was driven by better ATM revenues and gross margins. “We remain Overweight and continue to view CATM as an above-average EPS grower with the potential for continued share upside from solid execution. We are raising our estimates (modestly) and increasing our Dec '11 price target to $23 (from $21).”

Cardtronics closed on Thursday at $19.80.