As reported earlier, RBC Capital analyst Daniel Perlin downgraded Worldpay to Outperform but raised his price target to $107 from $103. The analyst notes that while the company trades in line with its peers on a relative price-to-earnings basis, its shares remain attractive given the "conservative" expectations for synergy targets. Perlin believes that Worldpay's cost synergy target should be closer to $250M rather than its current $200M, anticipating that to be raised in Q2. Based on his view of a 1 pt market share gain, the analyst also sees the company's cross-selling revenue synergy target being raised to $200M from $100M.