Wedbush analyst, Gil Luria, reiterated his Neutral rating on shares of VeriFone (NYSE: PAY), cutting his price target to $18 from $20 and stating "we do not believe investors will regain confidence in the growth profile until FY18".

Revenue of $464 million represented a YoY decline of (9.7)% but beat consensus expectations of $461 million. Non-GAAP EPS of $0.30 was a penny above consensus of $0.29. North America organic revenue declined (29)% YoY, but in line with company’s expectations of EMV related demand, while Latam and EMEA performed well with organic revenue up 9% and 2%.

While the company believes large petrol customers will continue to roll out new terminals, the likelihood of smaller operators upgrading appears diminished. The analyst believes the postponed petrol EMV deadline removes the opportunity for near-term upside.

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 $16.44 yesterday.