UPDATE: Morgan Stanley Initiates Coverage On VeriFone Systems On Balanced Risk/Reward
In a report published Tuesday, Morgan Stanley analyst Smittipon Srethapramote initiated coverage on VeriFone Systems (NYSE: PAY) with an Equal-Weight rating and $35.00 price target.
In the report, Morgan Stanley noted, “PAY has resolved certification issues and is in the midst of a restructuring effort that should position it for accelerating growth. However, the stock is already pricing in near-term progress, while visibility on longer-term growth remains limited. Risk/reward looks balanced after recent rerating.”
VeriFone Systems closed on Monday at $36.72.
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