Citizens reiterated its Market Outperform rating on EZCORP (NASDAQ:EZPW) and kept a $26.00 price target following the company’s fiscal first quarter results. The $26 target represents potential upside of about 18% from the prevailing share price of $21.96, with EZCORP trading close to its 52-week high of $22.28.
EZCORP reported adjusted EBITDA of $70 million for the December quarter, comfortably topping Citizens’ internal forecast of $56 million and outpacing the consensus Street estimate of $57 million. Citizens attributed the beat primarily to elevated gold prices during the quarter, which the firm said had both direct and indirect positive effects on results. The quarter’s strength contributed to EZCORP’s last twelve months EBITDA of $182.7 million. InvestingPro data cited in the company’s reporting shows that EZCORP has been profitable over the trailing twelve months with diluted earnings per share of $1.42.
Alongside the stronger earnings metrics, EZCORP continued to expand its retail footprint, adding 23 stores during the quarter through a combination of new openings and acquisitions. After quarter end, EZCORP acquired a controlling stake in Founders One, a transaction that will increase its store count by an additional 105 locations. Citizens flagged store count growth as a core element of the company’s strategy, noting that scaling remains a central focus despite gold-related tailwinds in the quarter.
The company’s stock performance has reflected these dynamics. Over the past year EZCORP delivered a price return of 79.4%, and the firm’s PEG ratio was reported at 0.42, implying growth at a relatively modest valuation multiple.
Citizens maintained its $26 price target, which the firm noted corresponds to roughly nine times its calendar year 2026 adjusted EBITDA estimate for EZCORP. That valuation framework underpins the analyst’s Market Outperform stance despite the quarterly results being bolstered by commodity-driven factors.
EZCORP also released results for its fiscal fourth quarter of 2025 that exceeded expectations. The company reported earnings per share of $0.34, ahead of the anticipated $0.29, and revenue of $336.8 million versus projected revenue of $324.38 million. The fourth-quarter disclosures included further detail on the Founders One acquisition: the deal involved converting $45 million of preferred equity and $10 million of notes receivable into common equity, together with a $9.4 million cash contribution. Founders One is described as a pawn store operator with locations in the United States and 11 other countries.
On the analyst front, Citizens previously raised its price target for EZCORP to $26 from $23 while maintaining the Market Outperform rating. Canaccord Genuity also adjusted its target higher, lifting its price target to $28 from $27 and pointing to EZCORP’s record quarterly performance; the firm highlighted sales growth of 14% that exceeded estimates.
In aggregate, the sequence of stronger-than-expected quarterly results, continued unit expansion including the post-quarter closing of Founders One, and upward revisions from multiple research shops underpin the current positive analyst posture on EZCORP. Citizens’ valuation approach - tying the $26 target to a multiple of 2026 adjusted EBITDA - underscores the firm’s emphasis on earnings power and the company’s growth trajectory through store-scale expansion rather than relying solely on commodity effects.
Note on limitations: Where commentary in analyst reports points to transitory drivers such as gold price movements, the firms acknowledge those effects while emphasizing the company’s longer-term scaling strategy. The information above reflects reported results, disclosed transaction terms, and analyst target adjustments as presented in company and research communications.