FIS price target lowered to $57 from $69 at RBC Capital

RBC Capital lowered the firm’s price target on FIS (FIS) to $57 from $69 and keeps an Outperform rating on the shares after its Q1 results. Following an otherwise solid quarter, FIS shares were under pressure given the management’s commentary around a weaker lending environment in its Capital Markets business and its corresponding Q2 guidance, the analyst tells investors in a research note. RBC adds however that FIS is transitioning to a higher recurring revenue model, with a focus on total return and free cash flow generation.