FIS upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Sanjay Sakhrani upgraded FIS to Outperform from Market Perform with an unchanged price target of $70. The shares have been weak recently given significant volatility in the banking landscape, but investors will be paid to wait, with potential for 30%-plus returns as a turnaround of FIS’s merchant business starts to take hold, the analyst tells investors in a research note. The firm believes the stock is "disproportionately discounting the potential fallout from recent bank failures" and that investors are getting the merchant franchise "essentially as a free upside optionality."