FIS price target lowered to $65 from $70 at Truist

Truist analyst Andrew Jeffrey lowered the firm’s price target on FIS to $65 from $70 and keeps a Hold rating on the shares after its Q4 results and below-consensus guidance for Q1 and FY23. The stock should trade at a "durable discount" to other Legacy processors as its structural organic revenue growth is below average, the analyst tells investors in a research note. The firm adds that FIS will be constrained by a challenged Merchant competitive position, disappointing long-term Banking growth, and lower probability of non-Merchant sales.