Analysts Weigh In Following VeriFone Second Quarter Earnings
VeriFone Systems (NYSE: PAY) reported its second quarter earnings results after the market close on Thursday.
Following the release, a number of firms have released notes depicting their take on the company's outlook.
Raymond James: Outperform, $39 price target
Raymond James analyst Wayne Johnson reiterated the firm's Outperform rating on VeriFone and raised the price target from $37 to $39.
"VeriFone's new management team is proving to be highly capable operators and the company is tracking ahead of our and consensus expectations for both revenue and earnings," said Johnson.
Johnson views the following as positives for VeriFone: 1) robust demand for its new MX900 series devices 2) the upgrade of 15 existing retailer customers 3) Three new Greenfield clients 4) the announcement of six competitive takeaways.
Citi: Neutral, $38 price target
In Friday's note the analyst team at Citi maintained a Neutral rating on VeriFone, however, did raise the price target from $34 to $38.
The analysts wrote, "Revenue was the big outperformer this quarter with notable strength in the emerging markets."
Despite the company's solid performance, the team at Citi says they are remaining Neutral for now because the bump VeriFone has received from its high performance reflects most of the stock's potential upside.
Deutsche Bank: Hold, $29 price target
The team at Deutsche Bank is taking a more cautious position on VeriFone. Although the team acknowledged the company's solid performance in terms of revenue for the second quarter, they remain concerned about VeriFone's margins, which have been receiving pressure from some of their international markets.
Shares of VeriFone are up 7.6 percent at $36.42 in Friday's session.
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