As previously reported, Suntrust analyst Andrew Jeffrey downgraded FIS (FIS) to Hold from Buy and lowered his price target to $113 from $120. The analyst notes that while he does see "strategic rationale for acquiring Worldpay (WP)", he also believes that the purchase price as "at best" fair, adding that the merged entity will have to produce "meaningful revenue synergies" to meet the company's long-term organic growth targets. With Worldpay trading at a 10% premium to Fiserv (FISV) based on his forward EBITDA multiple valuation, Jeffrey states that the FIS deal is "at best a balanced risk/reward".