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Morgan Keegan reiterates its Outperform rating and $50 target price on Verifone Systems
PAY as Q4 results come in line with pre-release and acquisition initiative cloud underlying growth.
Morgan Keegan says, “VeriFone released Q4 results generally in-line with expectations (no surprise given the company pre-released results at the end of last month); Much of the focus continues to be on new initiatives and mobile devices, which represent relatively little (today) of actual earnings – we estimate that organic revenue growth in Q4 was 11% (excluding all acquisitions, and all HYC channels not just products).”
PAY closed at $40.55 per share on Friday.
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