UPDATE: Brean Murray Carret & Co Decreases PT on Pitney Bowes to $20

According to a research report this morning, Brean Murray Carret & Co decreases its PT on Pitney Bowes (NYSE: PBI) from $21 to $20 as business conditions again soften.

Brean Murray Carret & Co explained, “There are both underlying revenue tailwinds and headwinds emerging – with Mar Q current headwinds outweighing tailwinds to result in a 5% revenue decline. Tailwinds include, SMB and use of new bundled features, [and] Volly is set to be launched in the Dec Q. Headwinds include, overall equipment sales revenue was softer than expected – down 9% Y/Y but off a much easier compare of 1% growth vs. 7% Dec Q., enterprise was softer than expected and Europe and US financial were soft, [and] financing income was softer than anticipated – and is a function of equipment sales placements / installs.”

Pitney Bowes closed yesterday at $16.79 as Brean Murray Carret & Co maintains its Buy rating.