Fiserv, Inc (NYSE:FI) reported better-than-expected fiscal second-quarter results on Wednesday.
The company's quarterly revenue rose by 7% year-over-year to $5.11 billion, beating the analyst consensus estimate of $4.82 billion. Adjusted revenue increased 7% year-over-year to $4.79 billion. Adjusted EPS of $2.13 beat the analyst consensus estimate of $2.10, according to data from Benzinga Pro.
Chair and CEO Frank Bisignano said, "Fiserv's integrated solutions, deep client relationships, and strategic positioning continue to drive our industry leadership."
For FY24, Fiserv reiterated organic revenue growth of 15%-17% and raised adjusted EPS outlook to $8.65 – $8.80 (prior $8.60 – $8.75), representing growth of 15%-17% Y/Y versus the $8.71 consensus.
Fiserv shares fell 1.2% to trade at $159.25 on Thursday.
These analysts made changes to their price targets on Fiserv following the announcement.
- Keefe, Bruyette & Woods analyst Vasundhara Govil maintained Fiserv with an Outperform rating, while raising the price target from $178 to $184.
- JP Morgan analyst Tien-Tsin Huang maintained the stock with an Overweight rating and bosted the price target from $169 to $176.
- BMO Capital analyst Rufus Hone maintained Fiserv with an Outperform rating and raised the price target from $168 to $175.
- RBC Capital analyst Daniel Perlin maintained the stock with an Outperform rating and boosted the price target from $180 to $183.
- B. Riley Securities analyst Hal Goetsch maintained Fiserv with a Buy, while increasing the price target from $180 to $185.
Read Next: