FIS downgraded to Neutral from Outperform at Baird

Baird downgraded FIS to Neutral from Outperform with a price target of $78, up from $76. The analyst likes the company’s “return to solid execution and beat/raise pattern.” However, after the recent rally, FIS’s risk/reward is pretty balanced, the analyst tells investors in a research note. The firm thinks the company’s longer-term adjusted earnings growth cadence could be high-single-digits versus Street expectation of 10%-plus.