Barclay's analyst Darrin Peller said First Data is undervalued relative to the group given expectations for sustainable MSD growth and deleveraging. Peller expects First Data will benefit from access to pricing data and direct merchant relationships, competitive PIN debit pricing and the shift to PIN-less transactions below $50, better pricing for Signature versus PIN, and sales people investments. The analyst believes First Data's opportunity is underappreciated and sees opportunity for the company to take PIN debit share and sees upside to NSS going forward. Peller rates First Data an Overweight with a $20 price target on shares.