UPDATE: Jefferies Upgrades VeriFone

In a report published Friday, Jefferies analyst Jason Kupferberg upgraded VeriFone Systems PAY from a Hold rating to a Buy rating and raised the price target from $21.00 to $29.00. In the report, Jefferies says "We upgrade PAY to Buy from Hold because: 1) we think bar has already been set low enough for new CEO (near-term ests may be beatable), 2) we see progress in FCF execution, 3) PAY should be positioned for some market share recovery in 1H14, coinciding with progressively easier y/y comps, 4) PAY has an installed base of 20M units with an ample product set in mobile POS, so significant disintermediation in the foreseeable future is unlikely." VeriFone closed on Thursday at $24.30.