Goldman Sachs Reiterates Buy Rating, $43 PT on VeriFone Systems
In a report published Friday, Goldman Sachs Group reiterated its Buy rating and $43.00 price target on VeriFone Systems (NYSE: PAY).
Goldman Sachs noted, “Although we acknowledge some puts and takes in the quarter, on balance we remain confident that the POS solutions backdrop remains strong. As such, we reiterate our Buy rating on PAY shares as the model remains on track for FY13 with better FCF results expected for the year. In particular, we highlight the strength in North America where organic growth finished up 22% yoy, and core multi-lane sales which finished up 50% yoy, although this was offset by a weak SMB, sluggish European trends, and as expected lower Latin America results. While PAY will have to navigate a fluid demand backdrop, we believe that its leading global position remains strong and its new cadre of software/services and mobile offerings enhance its capabilities as new POS technologies continue to ramp.”
VeriFone Systems closed on Thursday at $33.23.
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