Pacific Crest Starts Fidelity National Information Services (FIS) at Overweight
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Pacific Crest initiated coverage on Fidelity National Information Services (NYSE: FIS) with an Overweight rating and a price target of $86. Analyst Arvind Ramnani said FIS is a dominant provider in a stable market.
"We believe FIS' dominant position in the core bank processing market provides a highly stable, recurring and sticky revenue stream. Its SunGard acquisition provides greater scale, complementary capabilities and cost-saving synergies. Its global presence and digital offerings could deliver upside to revenue growth," said Ramnani.
Shares of Fidelity National Information Services closed at $75.87 yesterday.
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