Argus Upgrades VeriFone (PAY) to Buy

Argus upgraded VeriFone (NYSE: PAY) from Hold to Buy with a price target of $35.00 with shares down more than 25% year-to-date, and well off their June high of $39.

"We believe that the pullback has been driven mainly by nonfundamental factors and that the current stock price provides a favorable entry point," the analyst said.

They note the company remains on a strong growth trajectory, aided by an upgrade cycle for payment devices to accommodate chip-embedded credit cards.

They also highlighted the company's recently announced $200 million share buyback program, the first in its history.

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 $26.88 yesterday.

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