Deutsche Bank Reiterates a 'Sell' on VeriFone (PAY); Yield Provides Little Support
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Price: $23.05 -0.6%
Rating Summary:
6 Buy, 11 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
6 Buy, 11 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade PAY Now!
Deutsche Bank reiterates a 'Sell' on VeriFone (NYSE: PAY) price target of $30.00 (from $40.00).
Analyst, Bryan Keane, said, "Yesterday, PAY filed its 2Q12 10-Q with no material new disclosures besides a June 8, 2012 patent infringement lawsuit and 2Q12 pro forma organic growth of 10% (vs the 9% stated on the earnings call) if all acquisitions had been completed as of the beginning of FY11. After restating its cash flow statement shortly after it reported earnings, PAY has highlighted our top concerns of weak financial controls and anemic FCF generation. Given the lower peer group valuations since our April 30 downgrade, uncertain business fundamentals, poor financial disclosures, and lack of FCF, we reiterate our rating and cut our price target."
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 $33.94 yesterday, with a 52 week range of $30.25-$55.89.
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Analyst, Bryan Keane, said, "Yesterday, PAY filed its 2Q12 10-Q with no material new disclosures besides a June 8, 2012 patent infringement lawsuit and 2Q12 pro forma organic growth of 10% (vs the 9% stated on the earnings call) if all acquisitions had been completed as of the beginning of FY11. After restating its cash flow statement shortly after it reported earnings, PAY has highlighted our top concerns of weak financial controls and anemic FCF generation. Given the lower peer group valuations since our April 30 downgrade, uncertain business fundamentals, poor financial disclosures, and lack of FCF, we reiterate our rating and cut our price target."
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 $33.94 yesterday, with a 52 week range of $30.25-$55.89.
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