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UPDATE: Wedbush Securities Cuts PT to $33 on VeriFone Systems on Poor Earnings Quality

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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

DateFirmActionFromTo
Sep 2014Monness Crespi HardtInitiates Coverage onBuy
Aug 2014JP MorganMaintainsOverweight
Jun 2014Morgan StanleyInitiates Coverage onEqual-weight

View More Analyst Ratings for PAY
View the Latest Analyst Ratings

Posted-In: Wedbush SecuritiesAnalyst Color Price Target Intraday Update Analyst Ratings

 

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