VeriFone (PAY), Genesco (GCO): Analysts Slashed Their Price Targets On These 5 Stocks Last Week

VeriFone Downgraded Due to Earnings

Analysts at multiple investment banks cut their price targets on VeriFone Systems Inc (NYSE:PAY) after the company reported disappointing results for its fiscal year 2016 third quarter. Although VeriFone’s EPS beat estimates by $0.02, with earnings of $0.42, the company’s revenue missed the consensus mark by $22.54 million, coming in at $493 million. Among some of the price target cuts were RBC Capital Markets lowering their price target on the stock to $23 from $28 and Stifel Nicolaus cutting its target price to $18 from $26. Hedge funds were slightly more optimistic on the stock in the second quarter. 24 funds in our system owned shares of VeriFone Systems Inc (NYSE:PAY) at the end of June, up by three quarter-over-quarter.

Computer Programs & Systems Target Lowered

Although there wasn’t any meaningful fundamental news concerning the stock last week, investment firm Leerink Swann cut its price target on Computer Programs & Systems, Inc. (NASDAQ:CPSI) to $26 from $45 on September 1, while reiterating its ‘Market Perform’ rating on it. Given that Computer Programs shares are presently trading close to that level, the analysts likely lowered their price target to be more in-line with the market. Hedge funds were underweight Computer Programs & Systems, Inc. (NASDAQ:CPSI) on June 30, as 13 funds that we track owned just 3.20% of its shares.

Corrections Corp Targets Trending Lower

Analysts at SunTrust Banks poured some salt on Corrections Corp Of America (NYSE:CXW)‘s wound after they lowered their price target on the company’s stock to $20 from $34 on September 1. Shares of Corrections Corp Of America (NYSE:CXW) have fallen sharply since Deputy Attorney General Sally Yates said in August that her goal (and that of the Justice Department) is “reducing — and ultimately ending — our use of privately operated prisons.” As a note, many private prison stocks have other customers outside of the DOJ’s Bureau of Prison. Only 15 hedge funds that we follow were long Corrections Corp Of America (NYSE:CXW) at the end of June.

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