Piper Jaffray Maintains Overweight Rating On Green Dot (GDOT)

Piper Jaffray maintains its Overweight rating on Green Dot (NYSE: GDOT) after Green Dot reported strong Q4 EPS figures yesterday.

“Green Dot reported strong 4Q results with 40% adjusted revenue growth that drove adjusted EPS of $0.29 vs. our estimate of $0.26 and consensus of $0.28. However, GDOT's '11 guidance was softer than our above-consensus forecast suggested,” Piper Jaffray reports.

“We lowered our '11/'12 estimates, but are still forecasting robust growth (30% '11 revenue growth). We believe that GDOT has a long secular growth runway and is the premier prepaid player. We are forecasting '11/'12 adjusted revenue growth of 30%/27% and adjusted EPS growth of 22%/32%.”

Piper Jaffray maintained its $62 Price Target on Green Dot.

Green Dot closed at $58.31 on Thursday's close.