Nomura Securities Maintains a 'Neutral' on Total System Services (TSS); Q4 Review, Revenue Beat, Guides Cautiously

Nomura Securities maintains a 'Neutral' on Total System Services (NYSE: TSS) price target of $20.00.

Analyst, Bill Carcache, said, "TSYS reported 4Q11 EPS of $0.31, in line with consensus and $0.01 above our estimate of $0.30. Overall, the company experienced strong organic growth driven by healthy double digit transaction growth both in the United States and abroad. The revenue beat was largely offset by higher than expected expenses. Management’s 2012 EPS outlook was in line with expectations (consensus estimates of $1.27 are at the midpoint of the guidance range of $1.26-$1.28). Despite the strong results this quarter, we remain somewhat cautious on the outlook given (1) headwinds of 5-6% from lost business; (2) international segment margin compression (3) the expected loss of Green Dot (GDOT) processing business; and (4) guidance that incorporates strengthening of the Euro (relative to the USD) from current levels."

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 $20.94 yesterday.

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