Pitney Bowes (PBI) Stock Forecast & Price Target

Pitney Bowes is viewed positively because its operating momentum is improving across both core segments, with SendTech narrowing its decline to 50 bps in 4Q and management signaling potential flat organic growth by YE26, while Presort volumes are expected to return to year-over-year growth by 2H26. Its financial profile is also strengthening, as the company now expects 2026 revenue of $1.80B-$1.86B, adj. EBIT of $425M-$465M, and has been aggressive on capital returns with $136M of stock repurchases in 1Q, a dividend increase to $0.10, and plans to address the $347M notes due in March '27 without incremental debt. Additional support comes from improving credit perception, extended debt maturities to May 2031, and the overlooked Pitney Bowes Bank, which has over 400K customers and more than $574M in deposits as of March 31, 2026.

Pitney Bowes is facing a structurally weakening core market because U.S. physical mail volumes have been shrinking in the mid-singledigits in recent years, and that decline is expected to continue at a similar pace. Its largest business, SendTech Solutions, remains heavily exposed to mailing and shipping technology, so ongoing erosion in legacy mail demand, plus potential USPS privatization or workshare discount changes, threatens revenue visibility and customer economics. The outlook is further pressured by higher mail-volume declines during periods of economic turbulence such as Covid and the Great Financial Crisis, along with a history of execution issues under prior leadership teams that affected the business through 2025 and could reinforce negative operating leverage.