VeriFone Plunges on Deutsche Bank Downgrade

Deutsche Bank downgraded shares of VeriFone Systems PAY from Hold to Sell and lowered their price target on the stock from $44.00 to $40.00. The analysts' action is taking a toll on shares of PAY during Monday's trading session. At last check, the stock had lost 9.74% to $49.14 after opening the session at $51.34. Volume has been very heavy in the name with more than 4.3 million PAY shares trading hands versus a 3-month daily average of 2.2 million. VeriFone Systems, Inc. (VeriFone), formerly VeriFone Holdings, Inc., is a holding company for VeriFone, Inc. The Company is engaged in the secure electronic payment solutions. It provides solutions, and services for the financial, retail, hospitality, petroleum, transportation, government, and healthcare vertical markets.