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Advance America Cash Advance Centers upgraded to 'market outperform'

June 22, 2006 - New York, New York

Analyst John Hecht of JMP Securities upgrades Advance America Cash Advance Centers (ticker: AEA) from "market perform" to "market outperform," while raising his estimates for the company. The 12-month target price is set to $18.

In a research note published yesterday, the analyst mentions that the company has introduced a new credit product, Advance America Choice-Line of Credit, for its customers in Pennsylvania. The new product, which is permitted under the Pennsylvania law, has its underwriting information and loan documentation similar to a payday loan, the analyst adds. The EPS estimates for 2006 and 2007 have been raised from $0.96 to $1.00 and from $1.10 to $1.18, respectively, to partly reflect the adoption of the new product.

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New Ratings, JMP Securities

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