RBC Capital cuts FIS price target to $95, would be a buyer on weakness

RBC Capital lowered the firm’s price target on FIS (FIS) to $95 from $104 and keeps an Outperform rating on the shares. Despite solid sales momentum continuing from FY24 into FY25, Q1 Banking guidance was disappointing, as several items will cause the year to start slow and ramp into Q2 and second half of 2025, thus dampening the increased visibility expected heading into FY25, the firm says. Capital Markets remain the bright spot and should continue to drive the bus in FY25, RBC adds. The firm believes the price action is overdone and would be a buyer on the weakness.