24/7 Wall St.

Verifone Systems Inc. (NYSE: PAY) sent its shareholders into the fire on Wednesday after reporting mixed earnings and weak guidance. The stock ended up hitting a new low not seen since September 2013.

But was this earnings report really that bad? Across the board, analysts took to slashing their price targets, but they still maintained a somewhat positive sentiment.

24/7 Wall St. has included some highlights from the earnings report as well as what analysts are saying after this dismal performance.

The company said it had $0.47 in earnings per share (EPS) on $532.4 million in revenue, compared to consensus estimates that called for $0.53 in EPS on revenue of $527.7 million. In the same period of last year, the company posted EPS of $0.44 and $490 million in revenue. However, this wasn’t the worst part.

The outlook for the fiscal third quarter is what really cratered the stock. Verifone expects to have EPS of $0.40 and net revenues of $515 million, both of which are below the consensus estimates of $0.59 in EPS on $552.11 million in revenue for the coming quarter.

On the other hand, the company is currently seeking to remedy these problems by conducting a disciplined strategic review to address underperforming businesses and reduce overall operating expense levels. In connection with these plans the company intends to reduce headcount, and it estimates that these activities in total will generate roughly $30 million of savings in 2017.

A fair number of analysts piled into this stock after blood in the water:

• Piper Jaffray reiterated a Buy rating.
• SunTrust has a Buy rating and lowered its price target to $24 from $37.
• Deutsche Bank has a Hold rating and lowered its price target to $19 from $29.
• Jefferies reiterated a Buy rating.
• Stifel has a Buy rating but lowered its price target to $26 from $40.
• Monness Crespi & Hardt downgraded it to Neutral from Buy.
• RBC Capital has a Sector Perform rating and lowered its price target to $28 from $33.
• JPMorgan downgraded it to Neutral from Overweight and lowered its target to $24 from $34.
• Wedbush has an Outperform rating and lowered its price target to $30 from $36.
• Compass Point downgraded it to Neutral from Buy and lowered its target to $23 from $34.
• Credit Suisse reiterated a Neutral rating and lowered its price target to $24 from $32.
• Barclays downgraded it to Equal Weight from Overweight and lowered its target to $23 from $37.
• Goldman Sachs reiterated a Neutral rating and lowered its price target to $28 from $31.

Shares of Verifone closed Wednesday down about 25% at $21.27. The consensus analyst price target is $29.11 and the 52-week trading range is $19.71 to $37.06. In early trading indications Thursday, the stock was up 0.7% at $21.40.