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Citi upgrades FIS to Buy on Issuer Solutions acquisition

Citi upgraded FIS (FIS) to Buy from Neutral with a price target of $86, up from $79. The firm likes the strategic and financial merits of the Issuer Solutions acquisition. The deal fills a gap in scaled credit card processing capabilities, which are complementary to FIS’s core bank and payments technology offerings, the analyst tells investors in a research note. Citi finds the timing also favorable with Issuer Solutions technology modernization work close to completion. The firm says the deal is accretive and replaces a non-operating asset, FIS’s Worldpay stake, with cash flows.

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