UPDATE: Goldman Sachs Lowers PT on Fiserv

Goldman Sachs has published a report on Fiserv

raising the price target from $64.00 to $67.00. In the report, Goldman Sachs wrote, "FISV reported adjusted EPS $1.13 (ex. non-recurring and amortization) above our $1.12 estimate on in-line revenues of $1.07 bn. Organic revenue (ex. acquisitions) growth finished up 3% yoy (vs. our 2% forecast) with Payments up 5% yoy and the Financial segment up 2%. FISV management retained its 2%-4% yoy organic revenue growth target with adjusted EPS growth of 9%-12% yoy; however, given a stronger start to the year the company now believes its results for the year are trending to the upper end of the range. Reflecting further fine tuning to our buyback assumptions (7/7/11) and updated interest expense forecast reflecting FISV's debt refinancing, we are raising our EPS estimates through calendar year 2013 with our model now reflecting average EPS growth of 11% (up from 9.7% previously). Consistent with our higher EPS forecast and a higher implied calendar 2011 P/E multiple of 14.8X (from 14.2X) we are raising our 12-month price target to $67 (from $64), suggesting 9% upside." Goldman Sachs rated Fiserv a Neutral with a price target raises from $64.00 to $67.00. Fiserv closed Tuesday at $61.51.