VeriFone (PAY) Issues 'Fixable', Says UBS
Tweet
Share
E-mailGet Alerts PAY Hot Sheet
Price: $20.49 -2.75%
Rating Summary:
8 Buy, 25 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 17 | Down: 10 | New: 23
Rating Summary:
8 Buy, 25 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 17 | Down: 10 | New: 23
Join SI Premium – FREE
UBS today maintained a Buy rating on VeriFone (NYSE: PAY) and lowered its price target to $21.00 (from $25.00). Yesterday VeriFone reported Q2 results that missed estimates and guidance that was well short of consensus.
Commenting, analyst John T. Williams of UBS said, "Clearly, lingering legacy issues could not be resolved quickly enough and continue to weigh. While N. America results were negatively impacted by timing, int'l. was the real culprit (Europe/Brazil product certification delays; R&D underinvestment, EMEA reseller distribution into embargoed countries). We believe these issues are serious but fixable—though they cannot be fully healed in just three months' time."
On a positive note, Williams said he thinks secular trends are intact, emerging tech (i.e. Square) is having a limited impact, and PAY's strong 60% market share and duopoly position are key advantages.
For an analyst ratings summary and ratings history on VeriFone (NYSE: PAY) click here. For more ratings news on VeriFone click here.
Shares of VeriFone closed at $21.95 yesterday.
Commenting, analyst John T. Williams of UBS said, "Clearly, lingering legacy issues could not be resolved quickly enough and continue to weigh. While N. America results were negatively impacted by timing, int'l. was the real culprit (Europe/Brazil product certification delays; R&D underinvestment, EMEA reseller distribution into embargoed countries). We believe these issues are serious but fixable—though they cannot be fully healed in just three months' time."
On a positive note, Williams said he thinks secular trends are intact, emerging tech (i.e. Square) is having a limited impact, and PAY's strong 60% market share and duopoly position are key advantages.
For an analyst ratings summary and ratings history on VeriFone (NYSE: PAY) click here. For more ratings news on VeriFone click here.
Shares of VeriFone closed at $21.95 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Incyte (INCY) PT Raised to $105 at Truist Securities
- UBS Reiterates Neutral Rating on Public Storage (PSA)
- Progyny (PGNY) PT Raised to $33 at Truist Securities
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT ChangeRelated Entities
UBSSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
