Shares of VeriFone Systems Inc PAY are up on Wednesday, ahead of the announcement of the company’s second quarter financial results scheduled for Thursday after the market closes.
Management guided year-over-year earnings growth of 13.5 percent, to $0.42 per share, but only 4.2 percent revenue growth, to $487 million. For their part, experts are modeling earnings $0.01 above guidance, at $0.43 per share, on revenue of $489.39 million, while the crowd is projecting earnings of $0.45 per share on revenue of $491.6 million.
VeriFone has managed to outperform or match both estimates and guidance in the last seven quarters.
The Street’s consensus fell substantially between February and March, before establishing in the $0.43 level. On the opposite, the crowd’s consensus surged as the earnings date got closer.
Related Link: Goldman Just Upgraded VeriFone Because It's 'Not A One Trick Pony'
A Changed Company
In a recent report, analysts at Imperial Capital initiated coverage of VeriFone with an Outperform rating and a $44 price target.
The analysts explained that, “The new management team under CEO Paul Galant has spent the last year and a half completely revamping VeriFone's approach and has implemented strategic organizational and operational changes that we believe could allow VeriFone to operate as a unified company and deliver holistic solutions for its customers.”
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