Analysts Cheer Fidelity National Information Services Q1 Performance, Raise Expectations - Fidelity National Info (NYSE:FIS)

Yesterday, Fidelity National Information Services Inc FIS reported better-than-expected Q1 2023 results, with revenue of $3.51 billion coming above consensus of $3.41 billion and adjusted EPS of $1.29, beating expectations of $1.20.
Following Q1 results, Stephens & Co analyst Charles Nabhan upgraded the rating to Overweight from Equal-Weight, raising the price target to $75 from $70.
The analyst is bullish on revenue acceleration across businesses in 2024 and expects lower-than-expected dis-synergies related to the business split with Worldpay.
Nabhan raised EPS estimate to $5.90 (from $5.89 earlier) for 2023 and $6.47 (from $6.39) for 2024.
Also, Truist Securities analyst Andrew W. Jeffrey raised the price target to $60 from $56 and maintained the Hold rating.
Jeffery now expects revenue of $14.6 billion (from $14.4 billion earlier) in 2023 and $15.1 billion (from $14.9 billion earlier) in 2024. He projects EPS of $6.10 (from $5.78 earlier) for 2023 and $6.67 (vs $6.57 earlier) for 2024.
On the other hand, Wells Fargo reduced the price target to $56 from $65 and retained an Underweight rating.
Price Action: FIS shares traded higher by 3.78% at $58.44 on the last check Friday.