Jefferies lowered the firm’s price target on FIS (FIS) to $60 from $65 and keeps a Hold rating on the shares after taking "a first crack" at estimating FY24 EPS for FIS and Worldpay post the proposed Merchant spinoff. The firm’s target reflects the "RemainCo" trading at a discount to Fiserv (FISV), which is a discount it expects to persist without visibility into a banking re-acceleration, and the Worldpay "SpinCo" trading at a discount to Global Payments (GPN) given a slower growth profile and risk of share losses accelerating, the analyst noted.
Published first on TheFly
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