Wedbush Starts First Data Corporation (FDC) at Neutral
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Wedbush initiates coverage on First Data Corporation (NYSE: FDC) with a Neutral rating and a price target of $15.00.
Analyst Moshe Katri commented, "We are initiating coverage with a NEUTRAL and $15 price target. In our view, current valuation (9.5X our projected FY17E adj. EPS) fully factors prospective growth rates and profitability, the opportunity to deleverage ($20B in debt in FY15) considering FDC's strong FCF generation, and margin expansion opportunities as the firm's solutions continue to migrate to integrated payments. We believe FDC can post 3-5% YOY top line growth for FY16 and FY17."
Shares of First Data Corporation closed at $14.36 yesterday.
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