Wedbush Downgrades VeriFone (PAY) to Neutral

September 2, 2016 7:12 AM EDT
Get Alerts PAY Hot Sheet
Price: $15.63 -1.08%

Rating Summary:
    13 Buy, 15 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
Trade PAY Now!
Join SI Premium – FREE

Get the Pulse of the Market with's Pulse Picks. Get your Free Trial 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.

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 $20.10 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades

Related Entities

Gil Luria

Add Your Comment