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

In a report published Wednesday, Credit Suisse reiterated its Underperform rating on Fiserv FISV, and raised its price target from $70.00 to $74.00. Credit Suisse noted, “We are reiterating our Underperform rating based on our belief that growth challenges will persist over the intermediate-term. However, given FISV's current valuation, solid FCF and ability to drive low double-digit adj. EPS growth over the near-term, downside is limited. We are bumping up our 12-month TP to $74 from $70, or 12x our 2014E adj. EPS.” Fiserv closed on Tuesday at $75.25.