NEW YORK (TheStreet) -- Shares of VeriFone Systems Inc (PAY) may rally in Friday's session following the company's fiscal second-quarter earnings release late Thursday and a higher price target by analysts at Wedbush.
Analysts at the firm raised its price target to $47 from $45, while maintaining its "outperform" rating.
Wedbush said the company's "beat and raise" quarter will set up VeriFone well for several more quarters.
"We believe VeriFone will sustain HSD (constant currency) revenue growth and mid teen earnings growth based on healthy global market growth, 2-3 year EMV/NFC cycle and 3-5 years of margin improvements," the firm wrote in a note.
Wedbush increased its 2015 earnings estimate to $1.86 from $1.84 per share based on better results.
For the fiscal second-quarter, the company earned 44 cents per share, topping analysts' earnings expectations of 42 cents per share.
Revenue came in at $490.3 million for the period, compared to the $489 million analysts had forecast, according to Thomson Reuters.
Looking ahead, the maker of terminals for electronic payments forecast earnings for the current quarter ending in July of between 44 cents to 46 cents per share.
Revenue is expected to come in between $495 million to $500 million for the fiscal third quarter.
For the full year, VeriFone expects earnings in the range of between $1.81 to $1.84 per share on revenue of $2 billion.
Shares closed at $38.32 in Thursday's regular trading session.
San Jose, Calif.-based VeriFone is engaged in the secure electronic payment solutions.