UBS Maintains a 'Neutral' on VeriFone (PAY); Europe Demand Healthy, but FX Emerges as Headwind

May 25, 2012 10:54 AM EDT Send to a Friend
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Price: $36.27 --0%

Rating Summary:
    9 Buy, 14 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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UBS maintains a 'Neutral' on VeriFone (NYSE: PAY) price target lowered from $51 to $48.

Analyst, John T. Williams, said, "Stay Neutral; re-rating continues as no guidance raise = disappointment."

"Heading into the print, we believed the risk-reward for PAY shares had improved considerably over the last few weeks, and we are modestly more constructive as the shares continue to rerate. While some clouds have begun to clear (organic growth was healthy, Hypercom recovered well), investors were hoping for a beat/raise (our sense is that +$25 mn revs/$0.04-0.05 EPS would have sufficed), that did not materialize—which could imply some second-derivatives are slowing."

"Our FY12-13-14 EPS estimates are now $2.67 (+$0.02), $3.29 (+$0.05), and $3.77 (+$0.05), on 2Q results."

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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