Special Situations: Verifone Systems (PAY US)
trade action flash - HOLD - $35 mid-point tgt reached /+65% PAY US: US$ 34.9 March 21, 2014 We downgrade our recommendation on Verifone (PAY) from buy to hold as the stock has moved from $21 to about $35, our initial target range established a year ago, and thus providing a 65% return. Moreover, the stock now appears expensive vs. Ingenico, its main competitor. FULL REPORT ATTACHED