Goldman Sachs has published a report on Fiserv FISV raising the price target from $64.00 to $67.00.
In the report, Goldman Sachs wrote, "FISV reported adjusted EPS $1.13 (ex. non-recurring and amortization)
above our $1.12 estimate on in-line revenues of $1.07 bn. Organic revenue (ex. acquisitions) growth finished up 3% yoy (vs. our 2% forecast) with Payments up 5% yoy and the Financial segment up 2%. FISV management
retained its 2%-4% yoy organic revenue growth target with adjusted EPS growth of 9%-12% yoy; however, given a stronger start to the year the company now believes its results for the year are trending to the upper
end of the range. Reflecting further fine tuning to our buyback assumptions (7/7/11) and updated interest expense forecast reflecting FISV's debt refinancing, we are raising our EPS estimates through calendar
year 2013 with our model now reflecting average EPS growth of 11% (up from 9.7% previously). Consistent with our higher EPS forecast and a higher implied calendar 2011 P/E multiple of 14.8X (from 14.2X) we are
raising our 12-month price target to $67 (from $64), suggesting 9% upside."
Goldman Sachs rated Fiserv a Neutral with a price target raises from $64.00 to $67.00. Fiserv closed Tuesday at $61.51.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsData Processing & Outsourced ServicesFiservGoldman SachsInformation Technology
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