Fiserv price target raised to $168 from $163 at BMO Capital

BMO Capital analyst Rufus Hone raised the firm’s price target on Fiserv to $168 from $163 and keeps an Outperform rating on the shares after its Q1 earnings beat. The firm remains positive on the company’s incumbency/scale in distribution as a key competitive advantage, and expects organic growth to benefit from a shift towards a higher-quality and higher-growth mix of tech/software-enabled products, the analyst tells investors in a research note. BMO also sees ARPU upside from Fiserv’s value-added services attachment.