UPDATE: Deutsche Bank Raises VeriFone's Price Target to $44

According to a report published earlier today, Deutsche Bank Reiterates its Hold rating on VeriFone Systems Inc

but raises guidance and price target to $44. “PAY's 1Q12 revs of $422.5m (11.8% organic vs. ~18% organic in 4Q11) fell roughly in line with our $421.2m est, and EPS of $0.58 exceeded our est of $0.52, largely on better-than-expected margins. Due to higher EPS and margins and PAY's growth prospects, we are raising our FY12E and FY13E EPS $0.09 to $2.69 and $3.39, respectively, and our target price to $44. Given current valuation of 12.7x CY12E EV/EBITDA, we believe that PAY shares are fairly valued and reiterate our Hold rating.” VeriFone is currently trading at $48.66, up 4.53% from yesterday's close.