UPDATE: Jefferies Downgrades MICROS Systems to Hold on Valuation and Pricing Headwinds

Jefferies downgraded MICROS Systems (NASDAQ: MCRS) from Buy to Hold and lowered the price target from $53.00 to $43.00.

Jefferies commented, "We downgrade MCRS from Buy to Hold. Our downgrade is based on: i) our expectation of an incremental headwind over time from lower price hardware and related revenue, offset with positive revenue from domestic hotel chains; ii) the need to invest more aggressively to accelerate innovation; and iii) a valuation that has compressed and is likely capped."

MICROS Systems closed at $42.80 on Thursday.

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