UPDATE: Evercore ISI Upgrades Fiserv (FISV) to Outperform, 'Embracing New Growth Playbook'

(Updated - August 11, 2022 6:29 AM EDT)

Evercore ISI analyst David Togut upgraded Fiserv (NASDAQ: FISV) from In Line to Outperform with a price target of $149.00 (from $101.00).

The analyst comments "Fiserv stands in the first- of a nine-inning transformation into a higher growth company driven by differentiated merchant payment solutions such as Clover for SMB and Carat for large enterprises. In the process, FISV has modified its historically successful playbook of maximizing free cash flow, repurchasing 6% of stock annually, then repeat. The new FISV invests more, acquires more, and occasionally shaves FCF targets to sustain higher organic revenue and earnings growth from its Merchant Acceptance and Payments & Networks businesses. In so doing, FISV turns the tables on its disruptive competitors, winning more with growth, scale and finally cash flow to fund innovation and acquisitions, just as the increasing cost of capital forces the opposition to exercise newfound expense discipline and conserve cash. Raising price target to $149 from $101."

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 $106.54 yesterday.

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