Evertec price target raised to $50 from $49 at Raymond James

Raymond James analyst John Davis raised the firm’s price target on Evertec to $50 from $49 and keeps an Outperform rating on the shares. Evertec reported solid Q2 results, and Raymond James was encouraged by strong results within Latin America as revenue growth accelerated ~400 bp q/q as management continues to execute on geographic diversification, the analyst tells investors in a research note. The recently announced Sinqia deal could prove to be a catalyst for the stock as it gives Evertec greater exposure to an important Brazil market, the firm says.