Citi Maintains Buy Rating and $51 PT on VeriFone Systems

A report from Citi reiterates its Buy rating and $51 price target on VeriFone Systems (NYSE: PAY).

The report states, “As part of its planned debt raise for the pending Point acquisition, PAY announced strong preliminary 4Q11 results and solid initial FY12 guidance Monday night. The 4Q11 results support our bullishness on the underlying growth trends in the business and mark positive first signs from the ongoing merger integration with Hyperco.”

PAY closed yesterday at $42.10.