Why VeriFone Systems (PAY) Stock Is Rising In Pre-Market Trading Today

NEW YORK (TheStreet) -- VeriFone Systems (PAY) shares are up 1.3% to $34.25 in pre-market trading on Friday after having its price target raised to $36 from $31 by analysts at Piper Jaffray  (PJC).

The firm upped its outlook following yesterday's release of the company's second quarter earnings results in which the company posted revenue of $466.8 million and an EPS of 37 cents per diluted share, both ahead of analysts expectations.

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Separately, TheStreet Ratings team rates VERIFONE SYSTEMS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate VERIFONE SYSTEMS INC (PAY) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."

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