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Goldman Sachs Downgrades VeriFone (PAY) to Neutral, Problems Not Cyclical

February 21, 2013 2:22 PM EST

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... More