Intelligent Systems (INS) PT Raised to $58 at BTIG After Goldman Sachs Wins GM Business

BTIG analyst Mark Palmer raised the price target on Intelligent Systems (NYSE: INS) to $58.00 (from $51.00) after The Wall Street Journal reported that Goldman Sachs has won the competition for General Motors’ credit-card program. Goldman Sachs reported uses INS’s licensed software to power its processing platform implying this may serve as a catalyst for top line acceleration.

The analyst maintained a Buy rating, stating "We believe the addition of the second large card program on Goldman’s platform – the first was the Apple Card – will be nicely accretive to INS’s revenues and earnings while providing it with the opportunity to demonstrate that it can facilitate a large program conversion".

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