UPDATE: Credit Suisse Reiterates Underperform Rating, Raises PT on Fiserv on Brighter 2015 Outlook

In a report published Wednesday, Credit Suisse analyst Georgios Mihalos reiterated an Underperform rating on

, and raised the price target from $58.00 to $65.00. In the report, Credit Suisse noted, "FISV reported initial 2015 guidance that is slightly ahead of our expectations. Internal growth guidance of 5-6% for 2015 is above 2014's 4% growth rate (+150 bps y-o-y) and ahead of our 4% expectation. Likely upside will come from the Payments segment, which continues to post high single digit organic revenue growth. Adj. EPS is expected to grow +11-14% y-o-y ($3.73-$3.83), above our +8% estimate and in-line with 2014's +13%. In typical FISV fashion, adj. operating margins are expected to expand another 50 bps. 19.8M shares currently remain under the company's share repurchase authorization, and we expect FISV to remain active on the buyback front after repurchasing $1.16B worth of shares in 2014, reducing shares outstanding by ~6%." Fiserv closed on Tuesday at $74.49.