UPDATE: Deutsche Bank Raises PT to $67 on Fiserv; Q1 Beat

Deutsche Bank raises its price target from $60 to $67 on Fiserv

and reiterates its Hold rating on shares. Deutsche Bank comments, "FISV reported 1Q12 adj revenues of $1,034m (5.3% Y/Y, 4% internal), and EPS of $1.20 came in higher than our est of $1,031m (5%) and $1.16 in EPS. However, backing out lower taxes (~$0.03 of EPS benefit) and additional Y/Y term fees (~$0.04), FISV would have missed estimates. Sales grew slower-than-expected Y/Y (only hitting 58% of sales quota), led by soft license revs. FISV expects 2H12 to be stronger as license sales improve, 4Q11 sales ramp up, and Wachovia deconversion headwinds subside. Due to the EPS beat, we have raised our FY12E EPS by $0.04 to $5.23 and maintained our FY13 EPS." FISV closed at $70.75 on Tuesday.