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."

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 $28.23 yesterday.

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