Piper Jaffray Starts First Data Corporation (FDC) at Overweight

Piper Jaffray initiates coverage on First Data Corporation (NYSE: FDC) with a Overweight rating and a price target of $15.00.

Analyst Jason Deleeuw commented, "We initiate coverage of First Data Corporation (FDC) with an OW rating and $15 PT (12.0x our ‘17E EV/EBITDA). FDC is the largest global merchant payment processor and credit card issuer processor. FDC also operates the STAR debit network in addition to other global payment/technology solutions that leverage its massive scale and merchant/bank relationships. FDC is progressing through a multi-year transformation by 1) addressing a heavy LBO debt load and 2) leveraging its enterprise-level sales capabilities and technology. Investor expectations are low and we believe have priced in little of the potential benefits to FDC’s equity value from 1) improved FCF/deleveraging and 2) improved execution in its SMB merchant processing portfolio."

For an analyst ratings summary and ratings history on First Data Corporation click here. For more ratings news on First Data Corporation click here.

Shares of First Data Corporation closed at $11.99 yesterday.

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