Barclays on U.S. IT Consulting & Computer Services: Laterals from Financial Services Conference
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9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 23 | New: 20
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Barclays on U.S. IT Consulting & Computer Services: Laterals from Financial Services Conference
Barclays analyst, Darin D. Peller, said, "Our Global Financial Services Conference this week provided a number of laterals for payments companies (Visa (NYSE: V), MasterCard (NYSE: MA), Total System (NYSE: TSS), Global Payments (NYSE: GPN), and Auto Data Processing (NYSE: ADS)) and mortgage processors (CoreLogic (Nasdaq: CLGX), Lending Processing Services (NYSE: LPS)) in our coverage. Overall, the tone on payments was fairly upbeat, and we came away with several positive takeaways around credit quality, spend and transaction trends, and potential efforts from banks' efforts to mitigate lower debit interchange revenues. On the mortgage side, banks and title insurers were constructive on the current refinance environment, although servicers indicated limited progress on default market regulatory delays."
"Positive Spend and Transaction Trends to Benefit Card Networks/Acquirers: BofA (NYSE: BAC), SunTrust (NYSE: STI), and U.S. Bancorp (NYSE: USB) discussed positive spend and transaction trends, with BAC highlighting that consumer spending has posted positive Y/Y growth over the last 18 months (with no slowdown seen in August) and USB stating that its merchant acquiring business, Elavon, has continued to see solid transaction growth in both the U.S. and Europe."
"Favorable Credit Trends Should Benefit ADS: BAC, WFC, Pinnacle (NYSE: PNC) and Am Express (NYSE: AXP) affirmed they are still seeing positive trends in credit quality. Today, we expect ADS to show continued outperformance in credit quality metrics versus guidance, with our roll-rate analysis suggesting August NCOs are likely to perform better than the seasonal trend."
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Barclays analyst, Darin D. Peller, said, "Our Global Financial Services Conference this week provided a number of laterals for payments companies (Visa (NYSE: V), MasterCard (NYSE: MA), Total System (NYSE: TSS), Global Payments (NYSE: GPN), and Auto Data Processing (NYSE: ADS)) and mortgage processors (CoreLogic (Nasdaq: CLGX), Lending Processing Services (NYSE: LPS)) in our coverage. Overall, the tone on payments was fairly upbeat, and we came away with several positive takeaways around credit quality, spend and transaction trends, and potential efforts from banks' efforts to mitigate lower debit interchange revenues. On the mortgage side, banks and title insurers were constructive on the current refinance environment, although servicers indicated limited progress on default market regulatory delays."
"Positive Spend and Transaction Trends to Benefit Card Networks/Acquirers: BofA (NYSE: BAC), SunTrust (NYSE: STI), and U.S. Bancorp (NYSE: USB) discussed positive spend and transaction trends, with BAC highlighting that consumer spending has posted positive Y/Y growth over the last 18 months (with no slowdown seen in August) and USB stating that its merchant acquiring business, Elavon, has continued to see solid transaction growth in both the U.S. and Europe."
"Favorable Credit Trends Should Benefit ADS: BAC, WFC, Pinnacle (NYSE: PNC) and Am Express (NYSE: AXP) affirmed they are still seeing positive trends in credit quality. Today, we expect ADS to show continued outperformance in credit quality metrics versus guidance, with our roll-rate analysis suggesting August NCOs are likely to perform better than the seasonal trend."
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