Goldman Sachs Downgrades VeriFone (PAY) to Neutral, Problems Not Cyclical

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Goldman Sachs today downgraded VeriFone (NYSE: PAY) from Buy to Neutral with a price target of $19.00 (from $35.00). The downgrade follows disappointing Q1 results.

Commenting on the company's performance, analyst Julio C. Quinteros Jr. said, "While management highlighted several major macro headwinds as factors for reduced expectations, we believe that the reduction extends beyond the cyclical variety. In hindsight we got the PAY call wrong as we underestimated the impact of the operating shift from a hardware-led model to a services business (i.e., shift to payment-as-a-service, leased terminals, etc.)."

For an analyst ratings summary and ratings history on VeriFone (NYSE: PAY) click here. For more ratings news on VeriFone click here.

Shares of VeriFone closed at $31.89 yesterday, with a 52 week range of $27.33-$55.89.

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