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VNTV

Vantiv

$63.13

-2.065 (-3.17%)

15:45
07/17/17
07/17
15:45
07/17/17
15:45

Vantiv issues rebuttal to Capitol Forum, rejects report's conclusions

In a regulatory filing, Vantiv issued a response to an article written by a "subscription-based organization," believed to be Capitol Forum, that claims Vantiv deceives merchants by marking up interchange fees. "Vantiv rejects the conclusions and methodology asserted in the article. Vantiv does not mark up interchange fees; the company properly discloses the calculation of its fees to merchants, and generally charges merchants less than the industry," the company stated. In its further explanation, Vantiv stated in part: "Vantiv's average effective rate for small and medium sized business clients is lower than the U.S. payments industry average...Because different processors charge different fees with different names and present them in different formats on a merchant's billing statement, it is widely recognized that calculating a merchant's effective rate is the only way to get a true apples-to-apples comparison of client pricing from one merchant acquirer to another. Calculated as the total of all charges and fees billed to a client divided by the client's total sales volume in the billing period, the effective rate captures the client's all-in cost of transaction processing. Effective rate includes all processor fees, all network fees and all third-party assessments...As a result of our competitive pricing, Vantiv's merchant attrition rates are below industry average, based on industry data published by The Strawhecker Group for 2016. Given the ease with which merchants can change payment processors, were Vantiv to be out of step with the industry as claimed in the article, we would likely experience high client attrition rates. In addition, contract termination fees are standard practice in the payment processing industry, as well as many others, and competitors are often willing to reimburse potential clients for termination fees if they agree to switch...We clearly delineate base processing fees from our risk-based per transaction costs and surcharges by separating them into separate sections within our client billing statements, including delineating Vantiv's risk-based per transaction amounts in a "Surcharges Section" within client statements."

VNTV Vantiv
$63.13

-2.065 (-3.17%)

07/17/17
RHCO
07/17/17
NO CHANGE
RHCO
Hold
Vantiv should be held amid pricing concerns, says SunTrust
SunTrust analyst Andrew Jeffrey recommends holding shares of Vantiv (VNTV) on any weakness surrounding a negative report highlighting the company's pricing practices. The analyst recommends adding to positions in Global Payments (GPN) and First Data (FDC). Vantiv and its Mercury unit have been aggressive on pricing, but the practices are tied to value-added technology, not an effort to confuse merchants, Jeffrey tells investors in a research note. The analyst also feels the accusations are "impossible to substantiate." He adds that Global Payments and First Data have not pursued pricing practices similar to Vantiv/Mercury. Jeffrey has a Hold rating on Vantiv. The shares are down 3% to $63.21 after Capitol Forum questioned the company's "deceptive" billings practices.
07/17/17
GUGG
07/17/17
UPGRADE
Target $73
GUGG
Buy
Vantiv upgraded to Buy from Neutral at Guggenheim
Guggenheim analyst Jeff Cantwell upgraded Vantiv to Buy and raised his price target for the shares to $73 from $66.
07/13/17
KEYB
07/13/17
UPGRADE
Target $70
KEYB
Overweight
Vantiv upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Josh Beck upgraded Vantiv to Overweight with a $70 price target. A deep dive analysis into the acquisition of Wordpay indicates a $300M synergy opportunity with $3B-plus value creation, Beck tells investors in a research note. He believes year two of the deal could offer a middle- to high-single-digit percentage earnings accretion. The analyst has a $100 bull case for Vantiv shares.
07/06/17
CHLM
07/06/17
NO CHANGE
Target $74
CHLM
Buy
Vantiv proposed Worlday acquisition looks accretive, says Craig-Hallum
Craig-Hallum analyst Brad Berning believes a potential Vantiv/Worldpay combination would be 5% accretive to Vantiv's non-GAAP EPS after cost savings, and 11% accretive on EV/EBITDA valuation. Further, the analyst says that strategically Worldpay makes sense to drive a larger allocation to eCommerce, expand internationally to the U.K., increase U.S. exposure, and reduce big box exposure mix. He reiterates a Buy rating and $74 price target on Vantiv's shares.

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