Zacks Investment Research upgraded shares of VeriFone Systems Inc. (PAY) from NEUTRAL to OUTPERFORM on November 14, 2014, with a target price of $44.00.
VeriFone reported impressive third-quarter 2014 results beating the Zacks Consensus Estimate on both the top and bottom lines. Forward guidance was also encouraging. The consolidation of products and facilities will curtail costs but bottom line impact will be limited because of the reallocation resources to new innovations. Nevertheless, we believe that the company has significant growth opportunities in EMV products where it continues to win new customers. This along with the growth opportunities in overseas markets, particularly in emerging economies such as Brazil, China, Russia and India will drive revenue growth. Thus, we upgrade Verifone shares to Outperform and set a price target of $44.00.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on VeriFone Systems Inc. (PAY),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment