- Yesterday, Fidelity National Information Services Inc (NYSE:FIS) reported better-than-expected Q1 2023 results, with revenue of $3.51 billion coming above consensus of $3.41 billion and adjusted EPS of $1.29, beating expectations of $1.20.
- Following Q1 results, Stephens & Co analyst Charles Nabhan upgraded the rating to Overweight from Equal-Weight, raising the price target to $75 from $70.
- The analyst is bullish on revenue acceleration across businesses in 2024 and expects lower-than-expected dis-synergies related to the business split with Worldpay.
- Nabhan raised EPS estimate to $5.90 (from $5.89 earlier) for 2023 and $6.47 (from $6.39) for 2024.
- Also, Truist Securities analyst Andrew W. Jeffrey raised the price target to $60 from $56 and maintained the Hold rating.
- Jeffery now expects revenue of $14.6 billion (from $14.4 billion earlier) in 2023 and $15.1 billion (from $14.9 billion earlier) in 2024. He projects EPS of $6.10 (from $5.78 earlier) for 2023 and $6.67 (vs $6.57 earlier) for 2024.
- On the other hand, Wells Fargo reduced the price target to $56 from $65 and retained an Underweight rating.
- Price Action: FIS shares traded higher by 3.78% at $58.44 on the last check Friday.
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