Stifel Reiterates Buy After Meeting with VeriFone Systems (PAY) Management
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Stifel reiterated a Buy rating and $18.00 price target on VeriFone Systems (NYSE: PAY) after meeting with management. Stifel came away from the meeting increasingly confident. The company's turnaround will be slow, and Stifel doesn't believe there is another big shoe to drop and expects the stock to recover with the improving fundamentals.
Analyst Christopher Brendler commented, "Although PAY's recent trajectory leaves little room for optimism, we gained confidence in the outlook following meetings with management. The dreaded U.S. EMV cliff is here, but management's new 2017 guidance includes nothing more than normal upgrades at SMBs, so there should only be upside as PAY rolls out next-generation products into this key market. With similar new-product potential in China and a massive growth opportunity, we are more convinced in management's guidance for a 4Q16 trough. As such, although progress will be slow and recent trends have been worrisome, we continue to believe the stock is more than pricing this in. As such, we reiterate our Buy rating and $18 target price, which is based on 11x our 2017 EPS estimate."
Shares of VeriFone closed at $16.02 yesterday.
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