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Goldman Sachs Positive on VeriFone (PAY), Says Buy Weakness Following Q2

May 25, 2012 7:04 AM EDT Send to a Friend
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Price: $34.92 +0.11%

Rating Summary:
    8 Buy, 13 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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Goldman Sachs is telling clients to Buy VeriFone (NYSE: PAY) on weakness following Q2 results after the close.

While the firm expects shares to see pressure as investors digest the negative FX impact expected for the rest of the year. That said, given expectation for cc organic
revenue growth of nearly 13% in 2HFY12, "we believe the pullback presents an attractive opportunity to buy the shares."

Goldman said the company's "multi-pronged growth strategy with merchants of all sizes, new retail mobile solutions, the acquisition of Point, and rapidly expanding margin profile remain compelling investment characteristics."

The firm lowered EPS estimates only modestly, to $2.29 in FY2012 and $2.96 in FY2013; and leave FY2014 unchanged at $3.55.

The firm maintained their Buy rating and has a new price target of $56.

For an analyst ratings summary and ratings history on VeriFone click here. For more ratings news on VeriFone click here.

Shares of VeriFone closed at $45.00 yesterday.




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