Wedbush Downgrades VeriFone (PAY) to Neutral
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Wedbush downgraded VeriFone (NYSE: PAY) from Outperform to Neutral with a price target of $20.00 (from $30.00), saying headwinds are unlikely to abate near-term.
Analyst Gil Luria commented, "We are downgrading shares of PAY to NEUTRAL from OUTPERFORM as we do not believe investors will regain confidence in the growth profile of the business until FY18 given persistent EMV upgrade headwinds in the US market and continued deteriorating conditions in EM. Our $20 price target represents a 14x multiple on our FY17 non-GAAP EPS estimate, a 30% discount to comparable ING.FR due to the lack of visibility into growth trajectory."
The firm is lowering FY16 non-GAAP EPS estimate to $1.65 from $1.85 to account for declining results.
Shares of VeriFone closed at $20.10 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- Cowen Cuts Price Target on Workday (WDAY) Following 3Q
- Jefferies Cuts Price Target on Dollar General (DG) Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades
Related EntitiesGil Luria
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!