Pacific Crest Downgrades VeriFone (PAY) to Sector Weight
Pacific Crest downgraded VeriFone (NYSE: PAY) from Overweight to Sector Weight and removed its price target. The change follows disappointing Q2 results.
Analyst Josh Beck said, "FQ2 beat revenue estimates but EPS missed. VeriFone substantially lowered its outlook. Pricing and macro pressures in emerging markets may extend the turnaround while U.S. EMV certification delays may offset petroleum strength. We are downgrading PAY to Sector Weight on lower estimates and multiple; see $22 to $24 fair value based on 11x to 12x P/E."
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Shares of VeriFone closed at $28.23 yesterday.