As reported earlier, BMO Capital analyst James Fotheringham initiated First Data with a Market Perform rating and a price target of $26. The analyst says the company's valuation "appears full relative to expected revenue growth", while its business model offers "below-average potential to surprise positively with respect to revenue growth". Fotheringham does note that any capacity for First Data's positive surprise would come from its "exposure to fast-growing international markets", where its over 20% sales portion of the total gives the company growth advantage over more domestically oriented payment models.