Fidelity National Information Services (FIS) PT Raised to $178 at Canaccord Genuity

Canaccord Genuity analyst Joseph Vafi raised the price target on Fidelity National Information Services (NYSE: FIS) to $178.00 (from $151.00) while maintaining a Buy rating.

The analyst commented, "Not only were FIS's Q4 results and outlook for 2020 quite solid, we are also enthusiastic about market trends converging more and more towards the company's product portfolio. Solid Q4 results were fueled by strong organic growth complemented by faster realization of merger synergies. Importantly management noted a trend of accelerating adoption of next generation FIS banking solutions among some of the largest US banks, most of which have historically developed their own platforms. In Q4, FIS signed three top-30 banks and indicated their pipeline here is still growing. Furthermore, management noted that implementation backlog is the largest they have ever seen. We are also continuing to see tangible cross-sell wins resulting from the combination with Worldpay, a trend that should only accelerate in 2020, in our view. With the integration now running twelve months ahead of schedule, management once again raised the 2020 cost synergy target by $250M to $600M and revenue synergy target by $50M to $200M. Net net, FIS is in a prime position to leverage industry tailwinds to drive HSD organic growth which coupled with expected synergies gives us confidence in its earnings power in 2020 and beyond."

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