J.P. Morgan Overweight On VeriFone

Jefferies & Co. is resuming coverage on VeriFone PAY with an Overweight rating and a $47 price target on shares. In a note to clients, Jefferies & Co. writes, "We were restricted on VeriFone due to J.P. Morgan's involvement in the transaction announced on September 29, 2010. Now that the transaction is complete, we are resuming covering with an Overweight rating (previously Overweight) and a $47 December 2012 price target (previously $26 December 2010)." Shares of PAY gained 66 cents yesterday to close at $37.21, a gain of 1.8%.