UPDATE: Pacific Crest Securities Initiates Coverage on VeriFone Systems with Outperform Rating, $39 PT as Breaches and Apple Ripen Case for Retailer Investment

In a report published Tuesday, Pacific Crest Securities analyst Josh Beck initiated coverage on

with an Outperform rating and $39.00 price target. In the report, Pacific Crest Securities noted, “High-profile security breaches and Apple Pay, a viable mobile payment platform, are forcing retailers to consider tech upgrades. Assuming new management can execute against a favorable secular backdrop and regain market share, we see EPS power approaching $2.50. Initiating PAY at Outperform.” VeriFone Systems closed on Monday at $33.95.