Cowen Remains Bullish on Fiserv Inc (FISV) Following Investor Day

Cowen reiterates an Outperform rating and $85.00 price target on Fiserv (NASDAQ: FISV) following investor day. Analyst Moshe Katri says the investor day pointed to long term revenue growth.

Katri commented, "Long-term organic growth for 2015-2019 is projected to accelerate to the 4%-8% range, factoring: (1) Existing business growth of 4%-5%; (2) Innovation based growth from extended capabilities of 1%-2%; and (3) Innovation based growth from new solutions at 1%-2%. The existing business is expected to grow 4%-5% annually, and innovation based revenue growth should contribute 50-100 BPTS of annual growth during the next four years. Additional long-term annual targets include adjusted EPS growth of 11%-18%, FCF per share growth larger than 11%, and annual adjusted OM expansion of 50-100 BPTS. For 2015, management expects revenue growth to accelerate in H2/15, and overall revenue levels to be closer to the lower end of the range due to weaker than expected EMV-related contributions and F/X headwinds."

For an analyst ratings summary and ratings history on Fiserv click here. For more ratings news on Fiserv click here.

Shares of Fiserv closed at $80.63 yesterday.

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