Fiserv (FI) PT Raised to $220 at Baird

Baird analyst David J. Koning raised the price target on Fiserv (NYSE: FI) to $220.00 (from $210.00) while maintaining a Outperform rating.

The analyst comments "Q3 results were good, with EBIT beating on revenue nearly in line, and EPS/ revenue guidance raised; we like the stock as a steady grinder. 2024 EPS guidance raised on both revenue and margins. Merchant growth remains strong (Clover again +28% yoy and Enterprise revenue/transactions accelerated). We like that quality of earnings improved nicely with FCF conversion ~141% in Q3 and merger/integration/severance add-backs were smallest since FDC acquisition. We like the stock as a steady mid-teens EPS compounder, gaining share across segments."

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