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Barrington downgrades CPI Card Group after guidance cut

Barrington Research Associates Inc. analyst Gary Prestopino lowered his investment opinion on CPI Card Group Inc. to "underperform" from "outperform" based on the company's "dramatically" reduced guidance for 2017.

The guidance cut followed a lower-than-anticipated EMV card production in the second half of 2017 because of lower overall industry volumes and less new sales with existing customers. He noted that growth from print on demand services will not become part of the company's platform until 2018. He also said the company will likely have to wait until 2018 to see its expected modest revenue from metal card sales.

Prestopino's 2017 adjusted EPS estimate for the company now calls for a loss of 3 cents. Previously, his 2017 adjusted EPS estimate was 35 cents. He also cut his 2018 adjusted EPS estimate to 5 cents from 51 cents.