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VeriFone Systems, Inc. Message Board

  • dr_tjm42 dr_tjm42 Feb 21, 2013 3:01 PM Flag

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

    February 21, 2013 2:22 PM EST

    Goldman Sachs today downgraded VeriFone 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 factors for reduced expectations, we believe that the reduction extends beyond the cyclical variety. In hindsight we got the PAY call wrong as we underestimated the impact of the operating shift from a hardware-led model to a services business (i.e., shift to payment-as-a-service, leased terminals, etc.)."

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