Over the past few quarters, VeriFone (PAY) experienced lower-than-expected revenue levels and a softer demand globally due to weak markets and adverse economic conditions. However, results for the fiscal first quarter were ahead of expectations. EPS came in at $0.26, easily beating the Zacks Consensus Estimate of $0.18.

Management stated that business has begun to recover in both domestic and international markets, and revised its guidance for 2010. VeriFone now sees revenues reaching $925-$940 million in 2010, up from the previous estimate $900-$945 million. EPS is forecasted to be between $1.00 and $1.10, up from the previous estimate of between 97 cents and $1.07.

Based on a brighter outlook for 2010, we upgrade our recommendation on VeriFone to Outperform from Neutral.

Zacks Investment Research

1. (PAY) VeriFone Holdings Tops Earnings EstimatesVeriFone Holdings Inc. (PAY) reported revenues of $223.4 million in the first quarter of fiscal...
2. (PAY) VeriFone Holdings Wins Sberbank OrderVeriFone Holdings Inc. (PAY) announced that the company received a multimillion-dollar order for its payment...
3. (PAY) VeriFone Holdings Launches New InitiativeVeriFone Holdings,Inc. (PAY) recently announced a strategic initiative to leverage its current and future payment...
4. (PAY) VeriFone Holdings Beats Earnings EstimatesVeriFone Holdings, Inc. (PAY) yesterday reported revenues of $217.8 million in its fiscal fourth quarter,...
5. (PAY) Earnings Preview for VeriFone HoldingsVeriFone Holdings Inc. (PAY) is expected to report fourth quarter and fiscal 2009 results later...
6. (PAY) VeriFone Holdings Forms Global Security Solutions Business UnitVeriFone Holdings Inc. (PAY) recently announced the formation of its Global Security Solutions Business Unit....

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