Credit Suisse Upgrades First Data Corporation (FDC) to Outperform; Shares Hit 'Rock Bottom'

Credit Suisse upgraded First Data Corporation (NYSE: FDC) from Neutral to Outperform with a price target of $12.00 (from $20.00), saying shares hit 'rock bottom' and they view it as a longterm buying opportunity and near-term defensive play.

Analyst Paul Condra commented, "We are upgrading FDC to Outperform following 4Q15 results. We believe shares have hit rock bottom and see the stock as a good longterm buying opportunity and near-term defensive play. The stock currently trades at 9.5x 2016 EV/EBITDA. Further, we forecast roughly $1.00 per share in free cash flow in 2016, a roughly 11% yield on the current price and about double the yield of other stocks in this space. Our 2016 adj. EBITDA goes to $2.9b from $2.8b, and 2017 stays flat (see below for a full forecast revision summary)"

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 $9.35 yesterday.

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