UPDATE: Citigroup Downgrades Fiserv to Neutral on Limited Upside
Citigroup reduced its rating on Fiserv (NASDAQ: FISV) from Buy to Neutral with a reiterated $82 price target.
Citigroup commented, "We are downgrading partly due to the lack of forward catalysts and partly due to the lack of valuation upside. Following its 2Q12 earnings and recent Investor day, we believe investors already expect the following: (i) top-line growth acceleration in 2H12, (ii) modestly higher 2013 growth rate vs. 2012; and (iii) good understanding of positives such as new client revenue ramps and product traction as well as negatives such as Bank of America renewal impact and client loss. While we continue to like Fiserv's market positioning, we doubt there is much scope for positive surprise in the next several months – in fact, given the growth rate acceleration has been stubbornly slow, the bias may be to the downside."
Fiserv closed at $75.25 on Friday.
Latest Ratings for FISV
|Oct 2016||William Blair||Downgrades||Outperform||Market Perform|
|Oct 2016||Cantor Fitzgerald||Initiates Coverage on||Hold|
|Oct 2016||Monness Crespi Hardt||Upgrades||Neutral||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.