UPDATE: Credit Suisse Initiates Outperform, $125 PT on Alliance Data Systems

Credit Suisse initiates coverage on Alliance Data Systems

with an Outperform rating and a price target of $125 to reflect the company's track record of exceeding expectations. Credit Suisse says, "Since going public in 2001, ADS has consistently exceeded expectations, defying the skeptics. We believe that the company will continue to generate strong revenue (high-single to low-double-digit organic) and at least midteens earnings growth as more and more marketing/loyalty spend is directed toward highly targeted datadriven marketing. For 2012, we estimate that GAAP EPS will grow by 17%." ADS closed at $109.47 per share yesterday.