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TSS

TSYS

$90.94

-0.33 (-0.36%)

, COF

Capital One

$94.05

-1.2 (-1.26%)

10:25
07/13/18
07/13
10:25
07/13/18
10:25

Stephens says Walmart move to Capital One cards would be opportunity for TSYS

After Bloomberg reported yesterday that Walmart (WMT) is considering moving its private-label and or co-brand card portfolios to Capital One (COF) from incumbent Synchrony (SYF), Stephens analyst Brett Huff called the potential switch an possible opportunity for TSYS (TSS), which he notes is the card issuer processor for Capital One. He estimates this move, if it happens, could represent about a $15M revenue opportunity for TSYS. Huff keeps an Overweight rating and $100 price target on TSYS shares.

TSS

TSYS

$90.94

-0.33 (-0.36%)

COF

Capital One

$94.05

-1.2 (-1.26%)

WMT

Walmart

$87.38

0.88 (1.02%)

SYF

Synchrony

$32.73

-0.22 (-0.67%)

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TSS TSYS
$90.94

-0.33 (-0.36%)

04/25/18
FBCO
04/25/18
NO CHANGE
Target $95
FBCO
Neutral
TSYS price target raised to $95 from $87 at Credit Suisse
Credit Suisse analyst Paul Condra raised his price target for TSYS to $95 from $87 following quarterly results. The analyst reiterates a Neutral rating on the shares.
06/15/18
RAJA
06/15/18
INITIATION
RAJA
Market Perform
TSYS initiated with a Market Perform at Raymond James
Raymond James analyst John Davis initiated TSYS with a Market Perform citing valuation following significant share outperformance over the last year.
07/12/18
BARD
07/12/18
NO CHANGE
Target $100
BARD
Outperform
TSYS designated 'Fresh Pick,' price target raised to $100 at Baird
Baird analyst David Konig raised his price target on Outperform-rated Total System Services to $100 from $98 and designated it as a Fresh Pick. In a research note to investors, Konig says he thinks Q2 results could be a beat/raise, adding that 2019 EPS could be "biased up nicely," and that valuation "isn't excessive." Konig says that while the stock has lagged versus peers on his list, "they have fundamentally crushed it" and that "we like a comeback story."
07/13/18
SUSQ
07/13/18
NO CHANGE
SUSQ
Susquehanna says Walmart card flip could be loss for First Data, win for TSYS
After Bloomberg reported yesterday that Capital One (COF) is bidding to issue Walmart's (WMT) private-label card and replace incumbent Synchrony (SYF), Susquehanna analyst James Friedman noted that TSYS (TSS) is used by Capitol One for its issuer processing, while First Data (FDC) processes for Synchrony. If TSYS were to win the issuer processing business of the Walmart cards via a successful Capital One bid, Friedman estimates it could represent revenue upside of $11M-$15M. The firm has Positive ratings on First Data, Synchrony and TSYS.
COF Capital One
$94.05

-1.2 (-1.26%)

07/12/18
BUCK
07/12/18
NO CHANGE
BUCK
Buckingham says Synchrony will do 'almost anything' to keep Walmart relationship
Buckingham analyst Chris Brendler said he remains positive on Synchrony (SYF) following a Bloomberg report that Capital One (COF) is bidding for Walmart's (WMT) credit card business. He feels less optimistic about Synchrony's chances of retaining the long-standing relationship, lowering his estimate of the odds of keeping it to 60% from 80%, but Brendler also said it is "difficult, expensive and risky" to move a portfolio of this size and he could see a split deal as possible. Given that Walmart represents about 15% of its revenue, he also thinks Synchrony will do "almost anything" to keep the relationship, said Brendler, who added that Synchrony shares are now cheapest in their peer group. The analyst has a Buy rating on Synchrony shares.
07/13/18
BTIG
07/13/18
NO CHANGE
Target $44
BTIG
Buy
Synchrony may have 'upper hand' in Walmart credit card bidding, says BTIG
BTIG analyst Mark Palmer is keeping his Buy rating and $44 price target on Synchrony (SYF), noting the 5.3% decline in its stock price after media reports that Walmart (WMT) is considering shifting its credit card program to Capital One (COF). The analyst believes that Synchrony may still have the upper hand over Capital One because Walmart's objective to build out its digital wallet and mobile payment capabilities is better served by Synchrony's "understated solid experience helping retailers to develop their mobile capabilities" given its recent acquisition of GPShopper, which assists retailers in developing mobile apps. Palmer adds that given the risks and complexity around the transfer of a store-card program, Walmart should require a "very significant advantage", and it is more likely that it will renew its Synchony agreement at "somewhat less favorable terms for the issuer".
07/13/18
FBCO
07/13/18
NO CHANGE
Target $45
FBCO
Outperform
Synchrony 'unlikely' to lose Walmart contract, says Credit Suisse
Credit Suisse analyst Moshe Orenbuch said he believes Synchrony Financial (SYF) is likely to retain its credit card contract with Walmart (WMT) following a Bloomberg report that said Capital One (COF) is bidding for the portfolio. Orenbuch says this is "not an ideal partnership" for Capital One, because while it has been a long-time player in the nonprime card business, he feels it is "less likely" that it would be comfortable acquiring a large portfolio with potential significant nonprime component such as the Walmart portfolio, particularly when it did not underwrite the loans. Orenbuch says that if Synchrony does retain the contract, which is expected to expire in 2019, the company will most likely have to cede more economics to Walmart in terms of profit sharing.
WMT Walmart
$87.38

0.88 (1.02%)

SYF Synchrony
$32.73

-0.22 (-0.67%)

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HSBC

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$NSD

NASDAQ Market Internals

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$NYE

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$0.00

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