J.P. Morgan Reiterates Underweight, $29 PT On Fidelity National

In a note out today, J.P. Morgan reiterated an Underweight rating and $29 price target on Fidelity National Information Services FIS. That price target implies decent upside from current levels. "We are updating our estimates to reflect FIS's December 19th credit facility amendment and notes offering, with EPS estimates slightly decreasing for the higher interest expense and FX headwinds. The company noted that the refi will slightly increase its proportion of fixed rate debt and lock in low rates due to the current environment. Despite the dilution, FIS reiterated its long term outlook. We are maintaining our Dec. 2012 price target of $29 and remain Underweight FIS shares," the bank said in the note. Shares of Fidelity National are fractionally lower today.