BUZZ-Payments firm FIS dips after Susquehanna downgrades to 'neutral'

Reuters

Feb 12

BUZZ-Payments firm FIS dips after Susquehanna downgrades to 'neutral'

** Shares of banking and payments processing firm Fidelity National Information Services FIS.N fall 1.6% to $72 premarket

** Susquehanna downgrades FIS to "neutral" from "positive"; cuts PT to $81 from $103, which is still a 10.7% upside to stock's last close

** FIS stock plunged 11.5% on Tuesday after the firm forecast a dour Q1 due to timing of various banking contract implementation delays

** Brokerage says FIS continues to face more setbacks and it is unclear if and when management can move back on track given it is a tough market with uneven bank IT budgets

** Adds that FIS needs time to reconfigure and recommends peer Fiserv FI.N to investors as "a far better, durable asset at an attractive valuation"

** Fifteen of 32 brokerages rate the stock "buy" or higher, 16 "hold" and one "sell"; their median PT is $85.75 - LSEG

** FIS stock down 9.4% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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cuts PT to $81 from $103, which is still a 10.7% upside to stock's last close** FIS stock plunged 11.5% on Tuesday after the firm forecast a dour Q1 due to timing of various banking contract implementation delays** Brokerage says FIS continues to face more setbacks and it is unclear if and when management can move back on track given it is a tough market with uneven bank IT budgets** Adds that FIS needs time to reconfigure and recommends peer Fiserv FI.N to investors as \"a far better, durable asset at an attractive valuation\"** Fifteen of 32 brokerages rate the stock \"buy\" or higher, 16 \"hold\" and one \"sell\"; their median PT is $85.75 - LSEG** FIS stock down 9.4% YTD (Reporting by Arasu Kannagi Basil in Bengaluru) ((ArasuKannagi.Basil@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}