Zacks Investment Research upgraded shares of Fidelity National Information Services Inc. (FIS) from NEUTRAL to OUTPERFORM on June 20, 2014, with a target price of $65.00.
Fidelity reported mixed first-quarter results with earnings beating the Zacks Consensus Estimate and revenues at par with the same. The company provided optimistic outlook for the full year fiscal 2014. Increasing consolidation in the banking sector, challenging environment for the Payments Solutions business, stiff competition and uncertain regulatory environment are the primary headwinds in our view. However, we believe Fidelity's commanding position in the financial services market, increasing international exposure, recurring revenue model, diversified product portfolio, cost synergies from acquisitions and a loyal customer base will drive growth over the long term and enable it to overcome the headwinds going forward. Thus, we upgrade our recommendation from Neutral to Outperform and set a price target of $65.00.
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