In a report released yesterday, Glenn Greene from Oppenheimer reiterated a Buy rating on Fiserv (FISV), with a price target of $88. The company’s shares closed yesterday at $84.01, close to its 52-week high of $85.65.
Greene noted:
“Fiserv posted solid 4Q18 results with 4.5% Y/Y (same for FY18) organic revenue growth and EPS of $0.84 (up 24%, and vs. our/Street’s $0.85 estimates). Organic growth was broadbased as the Payments and Financial segments grew 6% and 3% Y/Y, respectively. FISV affirmed its FY19 outlook, which anticipates 4.5-5% organic revenue growth and calls for EPS of $3.39-$3.52 (both in line with preliminary guidance). We remain attracted to FISV’s business model and LT prospects and are highly enthusiastic about FISV’s pending merger with FDC, which should generate significant (>$1.4B) revenue/cost synergies, and related EPS accretion, over the next five years. Trading at 22x our FY20E EPS, or ~18x pro forma including FDC, shares appear attractive. Reiterate Outperform rating and $88 price target.”
According to TipRanks.com, Greene is a top 25 analyst with an average return of 18.1% and a 79.0% success rate. Greene covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Total System Services, and Black Knight Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Fiserv with a $89.30 average price target, which is a 6.3% upside from current levels. In a report issued on January 24, Cowen & Co. also upgraded the stock to Buy with a $90 price target.
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The company has a one-year high of $85.65 and a one-year low of $66.38. Currently, Fiserv has an average volume of 4.4M.
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Fiserv, Inc. engages in the provision of financial services technology. It operates through the Payments and Industry Products and Financial Institution Services segments. The Payments and Industry Products segment offers financial institutions and other companies with the products and services required to process electronic payment transactions.
