Nomura Securities Starts Total System Services (TSS) at Neutral; Current Prices are Equally Balanced Relative to the Risks

Nomura Securities initiates coverage on Total System Services (NYSE: TSS) with a Neutral. PT $20.00.

Nomura analyst, Bill Carcache, said, "Although past operating results were plagued by a combination of significant de-conversions and a weak macro economy, positive growth in accounts on file (AOF), a key driver of card issuer processing revenues, has resumed via new client signings and incremental account growth from existing clients. Our FY’12 and FY’13 EPS ests are $1.29 and $1.42, respectively. Our px tgt implies ~14x 2013 EPS. We remain on sidelines for the time being, based on our view that the potential rewards for owning TSS shares at current prices are equally balanced relative to the risks."

For an analyst ratings summary and ratings history on Total System Services click here. For more ratings news on Total System Services click here.

Shares of Total System Services closed at $19.84 yesterday.

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