Fiserv (FI) PT Lowered to $200 at Mizuho

Mizuho analyst Dan Dolev lowered the price target on Fiserv (NYSE: FI) to $200.00 (from $220.00) while maintaining a Outperform rating.

The analyst comments "FI is trading down double-digits (vs. flat SPX) following management's comments at the JPM conference that 2Q Clover GPV will likely grow +8% vs. our/consensus +13%. FI flagged an increasing impact from a gateway conversion as a headwind. So, why stay positive? (1) Clover revenue at +27% is still impressive despite only +8% volume growth amid growing VAS penetration [24% in 1Q vs. 22% in 4Q] & hardware sales. (2) Management reiterated expectation for 2H acceleration, helped by Clover's international expansion (four new countries in 1Q) and the imminent launch of Clover Hospitality for high-end restaurants. (3) ADP cross-sell and Melio's CashFlow Central initiatives should be increasingly accretive to revenue. Alas, we're lowering 2Q Clover GPV estimates from +13% to +9% (and for FY from +13% to +11%, which implies $3.4bn vs. $3.5bn target). New FY EPS of $10.11 (vs. $10.17 prior & guide of $10.10-10.30). PT to $200."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Aurora Spine settles patent dispute, secures $600K insider loan
• Boeing lands two U.S. defense contracts worth over $711M