Goldman Sachs Upgrades VeriFone (PAY) to Buy, Sees 26% Upside

April 5, 2012 6:57 AM EDT
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Price: $18.23 -0.33%

Rating Summary:
    11 Buy, 17 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 13
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Goldman Sachs upgraded VeriFone (NYSE: PAY) from Neutral to Buy with a price target of $63, suggesting 26% upside.

The firm said VeriFone is one of the direct investments in the multi-year terminal upgrade cycle resulting from emerging payment technologies.

Goldman sees the biggest opportunity is the U.S., as the country moves to adopt chip-based cards using the EMV standard away from magnetic stripes. They see the total market opportunity at $3.4 billion, with VeriFone addressable portion at $1 billion over the next 5 years.

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 $50.01 yesterday.

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