VeriFone Systems Inc (NYSE:PAY) gets a buy rating as doubts about rising rivalry overdone
VeriFone Systems Inc (NYSE:PAY) jumped yesterday after analysts at UBS upgraded it to a “buy” rating from “neutral,” as the investment bank suggested fears related to emerging competition overdone. UBS, which maintained its price target at $39, argued that the growth story of Electronic-payments Company is intact due mainly to the regular terminal upgrade cycle amid new technologies.
The rating firm also cited that rivalry threats from companies such as Square are overstated since large and medium-sized merchants, for now, need additional complex and integrated point-of-sale options in order to support their higher volumes. Previously, analysts at Wed bush reduced their price target on shares of Verifone to $33.00 in a research note issued to investors on Friday, November 30th.
At the close of the trading day, VeriFone Systems Inc (NYSE:PAY) shares rose 7.57% to settle at $32.54. Intraday trading was between $31.25 – $33.00.In the past year, the stock has traded within a range of $27.33 – $55.89. The last session’s volume of 4.29 million shares was up from the average daily trading volume of 1.74 million shares.
NCR Corporation (NYSE:NCR) shares were down -0.08% to close at $24.03.The stock traded between $23.90 – $24.22 during the last trading session. In the last 12 months the shares have traded between $15.68 and $25.99. The last session’s volume of 1.18million shares was a bit lower than their average daily trading volume of 1.73 million shares.
USA Technologies, Inc. (NASDAQ:USAT) shares in the last session were up 1.63% closing at $1.87. The stock traded in a range of $1.74 – $1.90. In the last year the stock has moved within a range of $0.93 – $1.98. The last session’s volume of 321,420 shares was up from their average daily trading volume of 167,934 shares.
Another rival company MICROS Systems, Inc. (NASDAQ:MCRS), traded down -1.26% moving to $41.61. Intraday trading recorded the stock price in a range between $41.54 – $42.39.In the previous 52 weeks the price has traded between $41.54 – $58.49.The last session’s volume of 1.39 million shares was up from their average daily trading volume of 719,755 shares.