Goldman Sachs Reiterates Buy on Total System Services

Goldman Sachs is out with its report today on Total System Services TSS, reiterating Buy. In a note to clients, Goldman Sachs writes, "We reiterate our Buy rating on TSS given its exposure to a gradual improvement in card issuance backdrop and card transaction activity. Our 12-month, $23 price target is driven by our sector-relative Investment Framework and implies a CY11E P/E of 19.5X and EV/EBITDA of 8.3X." Shares of TSS closed Tuesday at $18.16, down 0.49% from Monday's close.