Wedbush Securities Sees Mostly Stellar Quarter For VeriFone Systems

In a report published Wednesday, Wedbush Securities analyst Gil Luria reiterated an Outperform rating and $44.00 price target on

. In the report, Wedbush Securities noted, "Very strong Q1 only slightly muted by currency and Russia. Revenue of $486 million beat consensus of $483 million and was up 16.5% constant currency. Non-GAAP EPS of $0.44 beat consensus of $0.41. North America growth of 31% benefitted by the ongoing EMV upgrade cycle while Asia-Pac growth of 28% benefitted from new product introductions in China. EMEA grew 4% constant currency as headwinds in FX and Russian demand were offset by strength in Germany, Spain, Portugal, and Italy." VeriFone Systems closed on Tuesday at $33.19.