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MoffettNathanson initiates Fiserv

Lisa Ellis from MoffettNathanson LLC initiated coverage of Fidelity National Information Services Inc.'s stock with a "buy" rating and a price target of $147.

Ellis wrote that EBITDA growth is the primary driver of expected equity value appreciation for the company.

The analyst likes the merger agreement between Fidelity National and Worldpay Inc. because she believes the investment capacity and global reach of Fidelity National "will turbo-charge Worldpay's growth" at a critical "land-grab" period in the merchant acquiring industry.

The analyst's EPS estimates for Fidelity National are $7.14 for 2019 and $7.73 for 2020.


The analyst also initiated coverage of Fiserv Inc.'s stock at "buy" with a price target of $108.

Ellis wrote that almost half of her expected stock appreciation for the company over the next year comes from de-levering and capital structure benefits as First Data Corp. is merged into Fiserv.

She also expects growth of stand-alone Fiserv to remain stable at about 4.7%, slightly above industrywide growth as Fiserv gains traction with newer services.

Her EPS estimates for the company are $3.89 for 2019 and $4.91 for 2020.