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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
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: JefferiesAnalyst Color Initiation Analyst Ratings

 

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