| 2017-11-20 07:17:28|
FDC 07:17 11/20 11/20/17
First Data upgraded to Outperform at BMO Capital on clearer growth prospects
As noted earlier, BMO Capital analyst Paulo Ribeiro upgraded First Data to Outperform from Market Perform and raised his price target to $21.50 from $19. Ribeiro based his upgrade on clearer path for the company to industry level growth for Global Business Solutions North America in FY19 due to improvements in joint venture and SMB channels as well as strong performance in the new acquisition-focused Integrated channel. The analyst says that shares have come off about 12% since Q3 earnings, but that he expects FY19 growth to match industry's rates of about 4%.