As reported earlier, SunTrust analyst Andrew Jeffrey downgraded Verifone (PAY) to Hold from Buy and kept his $23 price target in the wake of yesterday's bid by private equity firm Francisco Partners to take the company private at $23.04 per share. Jeffrey contends that a competing offer is unlikely based on the company's legacy core Payments technology, also adding that investors may see value in other legacy fintech firms such as Euronet (EEFT) and Cardtronics (CATM). The analyst adds that while investors lament the "death of cash", over 80% of global payments are still made with cash, and this latest Verifone transaction "understates" the intrinsic market value.