FIS price target lowered to $81 from $93 at RBC Capital

RBC Capital analyst Daniel Perlin lowered the firm’s price target on FIS to $81 from $93 but keeps an Outperform rating on the shares. The company’s FY23 guidance was "disappointing" as it assumes a global recession coupled with Merchant margin compression, the analyst tells investors in a research note. The firm remains positive on the stock longer term however, with positive attributes on the name that include valuation creation via the spinoff of Merchant and opportunities to move downstream in e-commerce. RBC further cites 65% of FIS revenues being derived from stable and durable cash flows in Banking & Capital Markets.