Fiserv (FI) PT Raised to $232 at BMO Capital

BMO Capital analyst Rufus Hone raised the price target on Fiserv (NYSE: FI) to $232.00 (from $222.00) while maintaining a Outperform rating.

The analyst commented, "Following recent Fintech (FINX) outperformance, we are scouring our coverage looking for potential conservatism/upside risk to estimates, where valuation multiple expansion may prove justified. While FI (shares are +58% YTD) may not appear an obvious place to look for low expectations, we believe consensus revenue estimates remain a low bar (particularly in Merchant Solutions; assuming Clover/Carat hit their targets) and have room to move higher in the coming quarters, especially if current macro headwinds in LatAM lessen. Our new $232 target (rolled-forward a quarter) implies ~19x two-year forward rolling P/E."

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