Jefferies analyst Trevor Williams downgraded FIS to Hold from Buy with a price target of $75, down from $95. The analyst sees a tough near-term outlook and further risk to fiscal 2023 estimates. Consensus estimates currently bake in close to a best-case scenario in terms of the timing and magnitude of FIS’s cost savings, Williams tells investors in a research note. The path to the stock re-rating in the near-term is challenging as its banking growth decelerates, margins remain under pressure and with its Merchant business in the midst of a multi-year transition, contends Williams.
Published first on TheFly
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