Mizuho trims FIS target, says guidance concerns overblown

Mizuho analyst Dan Dolev lowered the firm’s price target on FIS (FIS) to $83 from $85 and keeps an Outperform rating on the shares following the Q2 report. The firm believes worries that the company’s organic revenue growth was implicitly guided down are overblown. The adjusted revenue growth targets exclude all currency, says the analyst. Mizuho believes investors are misunderstanding how FIS’s guidance is presented. Specifically, the updated 4.8%-5.3% total company adjusted revenue growth outlook refers to growth across operating segments and excludes corporate revenue, the firm points out. It trimmed estimates following the report.