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Goldman Sachs Reiterates Buy Rating, $43 PT on VeriFone Systems

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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.

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: Goldman Sachs GroupAnalyst Color Reiteration Analyst Ratings

 

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