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Upgrade Alert for VeriFone (PAY)

By Shiri Gupta

VeriFone (NYSE:PAY) was upgraded from Hold to Buy at Standpoint Research today. The stock closed yesterday at $20.98 on volume of 8.3 million shares, above average daily volume of 1.0 million.

VeriFone share prices have moved between a 52-week high of $39.25 and a 52-week low of $19.71 and closed yesterday at 6% above that low price at $20.98 per share. The 200-day and 50-day moving averages have moved 0.41% lower and 1.22% higher over the past week, respectively.

VeriFone Holdings, Inc. is a global provider of technology that enables electronic payment transactions and value-added services at the point of sale. The Company's customers include financial institutions, payment processors, petroleum companies, large retailers, government organizations and healthcare companies, as well as independent sales organizations.

VeriFone has overhead space with shares priced $20.98, or 46.7% below the average consensus analyst price target of $39.33. The stock should find initial resistance at its 50-day moving average (MA) of $27.64 and further resistance at its 200-day MA of $27.98.

SmarTrend recommended that its subscribers protect gains by selling shares of VeriFone on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $27.65. Since that call, shares of VeriFone have fallen 23.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades VeriFone

Ticker(s): PAY