UPDATE: Wedbush Securities Cuts PT to $33 on VeriFone Systems on Poor Earnings Quality
Wedbush Securities reiterated its Neutral rating on VeriFone Systems (NYSE: PAY) and reduced its price target from $40 to $33.
Wedbush Securities commented, "We believe VeriFone is well positioned as a payment terminal market leader and can sustain single digit organic revenue growth and 10-15% FCF growth. We believe PAY will exceed non-GAAP EPS estimates for FQ4, but that will not be enough to move shares higher as it has not been three of the last four quarters. We believe that consistently poor quality of earnings and opaque view into past and future growth rates will continue to supersede quarterly adjusted EPS results."
Latest Ratings for PAY
|Apr 2015||Goldman Sachs||Upgrades||Neutral||Buy|
|Apr 2015||Stifel Nicolaus||Upgrades||Hold|
|Mar 2015||BMO Capital||Initiates Coverage on||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.