William L. Moore
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Argus Downgrades VeriFone On Guidance Concerns

Close on the heels of Verifone Systems Inc 's lower-than-expected outlook for the full year, Argus analyst Stephen Biggar followed other brokerages to downgrade the stock to a Hold rating from Buy.

The brokerage believes slower upgrade of EMV terminal has hurt VeriFone, especially from small- and mid-sized retailers. As a result, the company slashed its revenue forecast for the current year and next year after reporting earnings beat in the third quarter on September 1.

The analyst does not expect any considerable appreciation in the stock price until the company enhances its earnings growth potentials. However, the shares are trading less than ten times Biggar's EPS estimate for next year.

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