FIS resumed with a Hold at Deutsche Bank

Deutsche Bank resumed coverage of FIS with a Hold rating and $70 price target. While the spinoff of Worldpay was likely a necessary step to take in light of the deteriorating organic profile of the business and growth constraints of the combined company, Deutsche continues to see a number of headwinds across the business, including Worldpay dis-synergies, continued reliance on non-recurring/professional services revenues, and exposure to lower growth end markets, the analyst tells investors in a research note.