Wedbush Downgrades VeriFone (PAY) to Neutral
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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.
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