FIS price target lowered to $62 from $70 at Mizuho

Mizuho analyst Dan Dolev lowered the firm’s price target on FIS to $62 from $70 and keeps a Buy rating on the shares. Despite better than expected Q3 fundamentals, the company’s’ 2024 earnings outlook falling short of buy-side expectations has been a drag, the analyst tells investors in a research note. The firm, however, thinks investors are “overly worried.” It believes FIS’s earnings power could approach $5 per share next year, including the WP stake.