VeriFone is struggling to overcome near-term pressures in the retail industry. Retailers, including Macy’s Inc., Target Corp. and Lululemon Athletica Inc., suffered weak first-quarter earnings amid broader economic instability. That prompted some retailers to spend less on media advertising services offered by VeriFone, and caused many to curb spending on the federal-mandated transition to EMV-compatible point-of-sale systems, which VeriFone sells.
VeriFone’s stock was downgraded to equal weight from overweight at Barclays, which also cut its 12-month price target on the stock to $23 from $37. Shares were also downgraded at Monness Crespi Hardt, to neutral from buy; and at Pacific Crest, to sector weight from overweight. Price target cuts on the stock came from PiperJaffray, to $27 from $38; SunTrust Robinson Humphrey, to $24 from $37; RBC Capital, to $28 from $33; and Credit Suisse, to $24 from $32.
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