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Oppenheimer Maintains an 'Outperform' on Fiserv (FISV); Maintain Outlook on Mixed Quarter

July 31, 2012 10:06 AM EDT
Get Alerts FISV Hot Sheet
Price: $114.23 --0%

Rating Summary:
    29 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Oppenheimer maintains an 'Outperform' on Fiserv (NASDAQ: FISV) price target of $80.00.

Analyst, Glenn Greene, said, "2Q12 EPS rose 14% Y/Y to $1.28, $0.03 above our estimate; benefited from lower than anticipated tax rate, which was partially offset by lower than expected organic revenue growth. FISV raised low end of FY12 EPS outlook, which now anticipates 11-14% EPS growth. Organic revenue grew 1% Y/Y (2% YTD; implies back half acceleration to hit FY12 guidance). Sales rebounded; up 22% Y/Y; highlighted by TD Bank (NYSE: TD) competitive bill-pay win. Encouragingly, FISV suggested its pipeline remains solid. We maintain our FY12/FY13 estimates despite the upside quarter but are increasingly confident regarding full-year expectations. FISV appears well positioned for a relatively stable revenue environment in FY12 and should benefit from continued cost initiatives and capital deployment."

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 $72.25 yesterday.


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