Fidelity National Information Services (FIS) PT Lowered to $37 at Susquehanna

Susquehanna analyst James Friedman lowered the price target on Fidelity National Information Services (NYSE: FIS) to $37.00 (from $46.00) while maintaining a Neutral rating.

The analyst comments "After some challenges in 1H, Banking seems to be tracking to plan (albeit against a tougher comparison), Capital Markets is attempting to rebuild, and free cash flow remains the cleanest part of the story. We expect 3Q to be the low point for reported growth as non-recurring rolls off in Banking, with potential acceleration in 4Q. From our interactions with the buy side though, investor debate seems to center on the future growth algorithm and the pace of technological change. To answer that question, we attempt to decompose the two major segments - Banking Solutions and Capital Markets - into ~15 component parts with 10+ footnotes for supporting documentation. While there are certainly some strong assets here, we see long-term acceleration as unlikely, leading us to lower our estimates, and our PT follows to $37."

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