UPDATE: Credit Suisse Downgrades Fidelity National Information Services to Underperform

Credit Suisse reduced its rating on Fidelity National Information Services

from Neutral to Underperform and lowered its price target from $36 to $35. Credit Suisse said, "To be clear, at current valuation levels (~14x 2013 GAAP EPS vs. ~15 for the peer group) we little downside risk to the shares. However, given continued anemic growth prospects and a sizeable grow over from lost M&I business (~$0.07 hit in 2013, $0.14 impact in 2014) we think the stock is likely to underperform relative to our overall coverage universe over the intermediate term." Fidelity National Information Services closed at $30.89 on Monday.