Wedbush Downgrades VeriFone (PAY) to Neutral
- Wall Street falls with financials, other post-election gainers
- The FTC Confirms Antitrust Charges Against Qualcomm (QCOM) for Monopolizing Semiconductor Device Used in Cell Phones
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama shows clemency to Manning, intelligence analyst behind leaks
- After-Hours Stock Movers 01/17: (SHLO) Higher; (GIMO) (AFAM) (CSX) Lower (more...)
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk 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.
Shares of VeriFone closed at $20.10 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: JPMorgan Downgrades OneMain (OMF) to Neutral
- Baird Remains Bullish on Regency Centers (REG) Following Updated Guidance
- Zendesk (ZEN) Falls as JMP Checks Suggest Q4 Bookings May Disappoint
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!