UPDATE: SunTrust Robinson Humphrey Reiterates on Green Dot on Uncertainty Going Forward

In a report published Friday, SunTrust Robinson Humphrey analyst Andrew W. Jeffrey reiterated a Neutral rating on Green Dot (NYSE: GDOT), but removed the $26.00 price target.

In the report, SunTrust Robinson Humphrey noted, “We remain Neutral and recommend that investors do not chase the shares higher. Green Dot continues delivering better-than-expected results against sharply lowered expectations. The company is notably improving the performance of its installed portfolio, but we submit that it will be challenged to drive significant future card growth and could suffer margin pressure as new, lower-priced competitors enter the market, and in early-2015, when it renegotiates its Walmart (60%+ of revenue) contract. We foresee EBITDA margin flattening out in 2015, increasing the onus on new products and distribution to drive revenue and EBITDA $ expansion.”

Green Dot closed on Thursday at $21.46.