J.P. Morgan is out with its report today on VeriFone PAY, raising estimates on PAY.
In a note to clients, J.P. Morgan states, "We're raising estimates to reflect stronger revenue and gross margin trends. We are increasing our FY11 and FY12 adjusted EPS estimates to $1.77 and $2.14 (from $1.67 and $1.96). Our estimates call for 13% and 27% compounded revenue and adj EPS growth through FY12, ranking PAY near the top of our coverage universe. PAY trades 24x our new CY11 EPS estimate ($1.84), versus our payment processing group average of ~15x."
J.P. Morgan's rating and PT on PAY are under review.
Shares of PAY closed Tuesday at $44.61, down 1.83% from Monday's close.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsData Processing & Outsourced ServicesInformation TechnologyJ.P. MorganVeriFone
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