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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
Jan 2017BMO CapitalInitiates Coverage OnMarket Perform
Dec 2016Stifel NicolausDowngradesBuyHold
Oct 2016Craig-HallumInitiates Coverage OnBuy

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Posted-In: JefferiesAnalyst Color Initiation Analyst Ratings

 

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