Raymond James Reiterates Outperform on VeriFone Following Announcement of Paul Galant as New CEO

In a report published Tuesday, Raymond James analyst Wayne Johnson reiterated an Outperform rating on

. In the report, Raymond James noted, “Today after the close, VeriFone announced it selected Paul Galant for the company's permanent CEO position, effective October 1, 2013. Galant will also join the company's board of directors at that time. We are encouraged by the choice, as we believe Galant brings a number of qualities that could help VeriFone right the ship, including numerous executive roles in the payments industry, significant experience working with products and services that include consumer-to-business and business-to-consumer offerings, and a proven track record of successfully managing through industry change. Before joining VeriFone, Galant served as CEO of Citigroup's Enterprise Payments division since 2010. In that role, Galant helped establish digital payment services for Citi's institutional and government clients, enabling those clients to enter growth markets across the globe as well as meet their consumers and small business customers' current and future demands for secure mobile payments and commerce.” VeriFone Systems closed on Monday at $22.99.