UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Total System Services Following Addition to Focus List

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In a report published Wednesday, Citigroup analyst Ashwin Shirvaikar reiterated a Buy rating on
Total System ServicesTSS
, and raised the price target from $33.00 to $34.00. In the report, Citigroup noted, “We are adding TSS to Citi's Focus List replacing EPAM. To be clear, EPAM remains a solid Buy-rated idea with good upside, but we see more near-term catalysts for TSS. In our view, TSS can benefit from a broad array of building positives and has fewer headwinds – this should help earnings growth to accelerate and re-rate the stock higher. Admittedly, TSS has performed well (+37% YTD and +32% since a low point post its NTSP acquisition), but we still see strong upside over the next several quarters as multiple catalysts play out. We are raising our price target to $34 (from $33) as valuation remains attractive relative to the sector and the company's own historical multiples. Buy TSS.” Total Systems Services closed on Tuesday at $29.31.
Posted In: Analyst ColorPrice TargetAnalyst RatingsAshwin ShirvaikarCitigroup
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