Pitney Bowes

PBI · NYSE

$17.37+$0.53 (+3.15%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $16.84

PBI analyst rating

HoldConsensus of 4 analysts over the last 12 months. 25% rate it a buy.

Strong buy0
Buy1
Hold3
Underperform0
Sell0

12-month price target · 6 analysts

Average $19.95 (+14.9% upside)

Low: $17.47
Now: $17.37
High: $23.10

Upgrades and downgrades

The latest rating actions, newest first

PBI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Aug 3, 2026	Maintains	Hold	$15.00 → $18.00	63%
Citizens	Jul 31, 2026	Maintains	Market Outperform	$19.00 → $22.00	45%
Citizens	Jun 5, 2026	Maintains	Market Outperform	$17.00 → $19.00	45%
B of A Securities	May 11, 2026	Upgrade	Underperform → Neutral	$9.50 → $16.50	36%
Truist Securities	May 7, 2026	Maintains	Hold	$11.00 → $15.00	63%
Citizens	Apr 22, 2026	Maintains	Market Outperform	$14.00 → $17.00	45%
Citizens	Apr 17, 2026	Maintains	Market Outperform	$13.00 → $14.00	45%
Citizens	Feb 18, 2026	Maintains	Market Outperform	$13.00	45%
Truist Securities	Dec 12, 2025	Initiates	Hold	$11.00	63%
Citizens	Dec 3, 2025	Initiates	Market Outperform	$13.00	45%

The case for and against

Updated Oct 14, 2026

Bull case

Pitney Bowes is supported by improving operating trends that suggest its revenue base may be stabilizing, with SendTech’s year-over-year decline narrowing to just 50 bps in 4Q and management citing better retention, stronger meter sales, and financing growth. Presort remains a high-quality cash generator, producing $622.3M of TTM revenue as of 1Q26 and 24.1% adjusted EBIT margins, while the company’s ~30% share and ~15B pieces sorted in 2025 reinforce its scale advantage and pricing resilience. The positive outlook also reflects the combination of a 17% ’26E FCF yield, aggressive share repurchase potential, and upside from accretive Presort acquisitions, all of which could help re-rate a business that is no longer being viewed as a “melting ice cube.”

Bear case

Pitney Bowes is challenged by a secularly declining physical mail market, with U.S. mail volumes shrinking in the mid-singledigits in recent years and expected to keep falling at a similar pace, which directly pressures its core SendTech and Presort businesses. The company also faces regulatory uncertainty around USPS privatization and workshare discounts, while macroeconomic stress has historically accelerated mail volume declines during periods such as Covid and the Great Financial Crisis, creating the risk that lost volumes do not fully recover. Fundamentally, the latest disclosed revenue of $477M was down 3% year over year, with Presort down 8% and only modest SendTech resilience, and its history of execution issues under prior leadership through 2025 reinforces a cautious outlook.

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