Fiserv (FISV) PT Raised to $85 at Baird

Baird analyst David Koning raised the price target on Fiserv (NASDAQ: FISV) to $85.00 (from $82.00) while maintaining a Outperform rating.

The analyst likes the LT risk/reward for the company given it paying down higher interest rate loans following the recent capital raise.

He comments "FISV announced the terms of two new senior notes; $1 billion due 2023 (3.8% interest) and $1 billion due 2028 (4.2% interest). We think this refinancing could have a ~$0.01-0.02 annual EPS headwind if we assume net proceeds are used to pay off the revolver, term loan and $450 million 2020 note. The company also extended the revolver to 2023 (from 2020)."

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