Here's Why Investors Should Offload VeriFone (PAY) Stock
Zacks Investment Research | Dec 17, 2017 10:16PM ET
On Dec 16, Zacks Investment Research downgraded VeriFone Systems Inc. (NYSE:PAY) to a Zacks Rank #5 (Strong Sell). The downgrade can be attributed to negative estimate revisions witnessed over the last seven days following fourth-quarter 2017 results.
Although the company reported impressive results, the soft guidance provided by the company for the forthcoming quarter makes us skeptical about near-term prospects.
The company witnessed eight downward revisions for the current quarter and seven for fiscal 2018 over the last seven days, with no upward revision. The trend has caused the Zacks Consensus Estimate for first-quarter fiscal 2018 and fiscal 2018 to decline 24.4% and 3.8% to 25 cents and $1.51, respectively.
Notably, VeriFone’s shares have gained 3% year to date, substantially underperforming the 38.3% rally of its
Long-term earnings growth rate for IPG Photonics, NetApp and NVIDIA is projected to be 12%, 11.3% and 10.3%, respectively.
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