UPDATE: Deutsche Bank Cuts PT to $15 on VeriFone on Negative Pre-Announcement
Deutsche Bank maintained VeriFone (NYSE: PAY) with a Sell rating and lowered the price target from $27.00 to $15.00.
Deutsche Bank noted, "After the close, PAY negatively preannounced 1Q13 and 2Q13 ests and cut future growth rates, citing numerous internal, accounting and macro-related issues. We have been weary PAY's aggressive accounting recognition, declining organic growth, share losses, weaker market position in mobile payments and lack of FCF generation for almost a year (downgraded to Sell on April 30, 2012). Given PAY's uncertain market position and lack of confidence in the model, we are lowering our FY13 EPS ests by $1.13 to $2.17, introducing FY14 EPS of $2.41, reiterating our Sell, and cutting our TP to $15 from $27."
VeriFone closed at $31.89 on Wednesday.
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