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UPDATE: Jefferies Initiates VeriFone Systems at Hold on Execution Risk

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Jefferies initiated downgrades Verifone Systems (NYSE: PAY) from Outperform to Sector Perform.

Jefferies noted, "After the stock's recent move, we think the bull and bear cases on PAY net out, and we initiate with a Hold rating. We think PAY is unlikely to be broadly disintermediated by new entrants, but we do believe the rapid acceleration in pace of POS technology change is materially increasing the complexity of PAY's business, thereby elevating the degree of execution risk."

VeriFone Systems closed at $34.90 on Thursday.

Latest Ratings for PAY

DateFirmActionFromTo
Dec 2014BarclaysUpgradesEqual-weightOverweight
Dec 2014CitigroupMaintainsNeutral
Dec 2014JP MorganMaintainsOverweight

View More Analyst Ratings for PAY
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Initiation Analyst Ratings

 

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