Goldman Sachs Downgrades VeriFone (PAY) to Neutral, Problems Not Cyclical
Tweet
Share
E-mailGet Alerts PAY Hot Sheet
Price: $29.78 +0.47%
Rating Summary:
8 Buy, 25 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 12 | New: 12
Rating Summary:
8 Buy, 25 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 12 | New: 12
Join SI Premium – FREE
Goldman Sachs today downgraded VeriFone (NYSE: PAY) from Buy to Neutral with a price target of $19.00 (from $35.00). The downgrade follows disappointing Q1 results.
Commenting on the company's performance, analyst Julio C. Quinteros Jr. said, "While management highlighted several major macro headwinds as factors for reduced expectations, we believe that the reduction extends beyond the cyclical variety. In hindsight we got the PAY call wrong as we underestimated the impact of the operating shift from a hardware-led model to a services business (i.e., shift to payment-as-a-service, leased terminals, etc.)."
For an analyst ratings summary and ratings history on VeriFone (NYSE: PAY) click here. For more ratings news on VeriFone click here.
Shares of VeriFone closed at $31.89 yesterday.
Commenting on the company's performance, analyst Julio C. Quinteros Jr. said, "While management highlighted several major macro headwinds as factors for reduced expectations, we believe that the reduction extends beyond the cyclical variety. In hindsight we got the PAY call wrong as we underestimated the impact of the operating shift from a hardware-led model to a services business (i.e., shift to payment-as-a-service, leased terminals, etc.)."
For an analyst ratings summary and ratings history on VeriFone (NYSE: PAY) click here. For more ratings news on VeriFone click here.
Shares of VeriFone closed at $31.89 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Freedom Broker Downgrades Karooooo Ltd. (KARO) to Hold
- Manpower Inc. (MAN) PT Raised to $55 at UBS Following Better-Than-Expected Q2 Results
- UnitedHealth Group (UNH) PT Raised to $490 at UBS
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT Change, DowngradesSign 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!
