First Data +3% as analysts praise investor day commentary

|About: First Data Corporation (FDC)|By:, SA News Editor

First Data (FDC +3.1%) surges at the open following upbeat analyst notes in response to the company's recent investor day.

Mizuho's Thomas McCrohan hikes his stock price target to $25 from $21, citing "potential for sustained higher growth rates in GBS North America organic revenue, in addition to the longer term prospects for a recovery within the JV channel as well as First Data's ongoing deleveraging effort," referring to FDC's global business solutions segment.

Bernstein's Harshita Rawat raises her price target to $24 from $22, believing "investors will continue to come from the sidelines" due in part to "visible signs of operational turnaround" and a strong trajectory for the Clover business.

Shares climbed 2.8% yesterday after a Goldman Sachs upgrade, as the firm expects revenue growth to improve as the acquisition of CardConnect and BluePay would triple FDC's exposure to sales coming from independent software vendors.

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