UPDATE: Jefferies Initiates VeriFone Systems at Hold on Execution Risk
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
|Apr 2015||Goldman Sachs||Upgrades||Neutral||Buy|
|Apr 2015||Stifel Nicolaus||Upgrades||Hold|
|Mar 2015||BMO Capital||Initiates Coverage on||Outperform|
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