Jefferies Group upgraded shares of VeriFone Systems (NYSE:PAY) from a hold rating to a buy rating in a research report sent to investors on Friday morning, TheFlyOnTheWall.com reports. The firm currently has $29.00 price target on the stock, up from their previous price target of $21.00.
“We upgrade PAY to Buy from Hold because: 1) we think bar has already been set low enough for new CEO (near-term ests may be beatable), 2) we see progress in FCF execution, 3) PAY should be positioned for some market share recovery in 1H14, coinciding with progressively easier y/y comps, 4) PAY has an installed base of 20M units with an ample product set in mobile POS, so significant disintermediation in the foreseeable future is unlikely.,” Jefferies Group’s analyst commented.
VeriFone Systems (NYSE:PAY) traded up 0.98% during mid-day trading on Friday, hitting $25.75. The stock had a trading volume of 684,560 shares. VeriFone Systems has a 1-year low of $15.34 and a 1-year high of $36.13. The stock’s 50-day moving average is $23.20 and its 200-day moving average is $20.90. The company’s market cap is $2.813 billion.
VeriFone Systems (NYSE:PAY) last released its earnings data on Thursday, September 5th. The company reported $0.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.04. The company had revenue of $416.00 million for the quarter, compared to the consensus estimate of $400.83 million. During the same quarter in the previous year, the company posted $0.75 earnings per share. The company’s revenue for the quarter was down 15.2% on a year-over-year basis. Analysts expect that VeriFone Systems will post $1.43 EPS for the current fiscal year.
PAY has been the subject of a number of other recent research reports. Analysts at Wedbush raised their price target on shares of VeriFone Systems from $26.00 to $28.00 in a research note to investors on Wednesday, October 16th. They now have an outperform rating on the stock. Separately, analysts at Zacks upgraded shares of VeriFone Systems from an underperform rating to a neutral rating in a research note to investors on Monday, October 7th. They now have a $25.00 price target on the stock. Finally, analysts at Barclays reiterated a hold rating on shares of VeriFone Systems in a research note to investors on Tuesday, September 24th. They now have a $22.00 price target on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $24.25.
VeriFone Systems, Inc (NYSE:PAY), formerly VeriFone Holdings, Inc, is a holding company for VeriFone, Inc The Company is engaged in the secure electronic payment solutions.
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