Imperial Capital: Time To Buy VeriFone

In a report published Friday, Imperial Capital analysts initiated coverage of VeriFone Systems Inc (NYSE: PAY) with an Outperform rating and price target of $44. Over the past two years, the management has been able to successfully implement operational changes and strategically grow the company's technology capabilities."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," the analysts elaborated.The company focuses on two key segments of systems solutions and services, while operating across three key geographies of the Americas, the EMEA (Europe, the Middle East and Africa) and the APAC (Asia Pacific).The analysts believe that the company decision to reinvest its run-rate savings into its three critical initiatives, R&D re-engineering, product portfolio management and cost optimization, could help give VeriFone a competitive edge in the rapidly evolving payment solutions segment."We believe that PAY is now a very different company than it was at the beginning of 2013," the analysts added.