FIS upgraded to Overweight from at Stephens on clearer path to value

As previously reported, Stephens upgraded FIS to Overweight from Equal Weight with a price target of $75, up from $70, citing a clearer path to revenue growth acceleration in FY24 along with lower than previously anticipated dis-synergies that refute the bear thesis around the split. The stock’s "deeply discounted valuation" implies minimal path to value creation and while the firm acknowledges execution risk associated with the split and macro headwinds, it contends that downside is limited by "seemingly achievable" FY23 guidance.