Fidelity National Information Services (NYSE:FIS) shares fell 1.1% in pre-market trading to $40.94 after Wells Fargo downgraded the financial technology company to Equal Weight from Overweight and **** igned a $46 price target.
The downgrade reflects a less favourable **** sment of the stock's risk-reward profile following a series of downward revisions to the company's outlook. **** yst sentiment towards FIS has also become increasingly cautious, with the shares now carrying 14 Buy ratings, 13 Hold ratings and one Sell rating.
Wells Fargo's downgrade follows Fidelity National Information Services' second-quarter results on August 4, when the company reported adjusted earnings of $1.48 per share, one cent ahead of consensus expectations. Revenue of $3.38 billion was broadly in line with forecasts.
However, investors focused more heavily on weaker guidance. FIS reduced its Capital Markets segment revenue growth forecast to between 3% and 3.5%, down from its previous expectation of 5.5%.
The company also lowered its full-year adjusted earnings guidance to between $6.15 and $6.24 per share from $6.22 to $6.32 previously. Revenue guidance for the year was cut to a range of $13.63 billion to $13.70 billion, compared with the earlier forecast of $13.77 billion to $13.85 billion.
#company #guidance #fidelity #shares
The downgrade reflects a less favourable **** sment of the stock's risk-reward profile following a series of downward revisions to the company's outlook. **** yst sentiment towards FIS has also become increasingly cautious, with the shares now carrying 14 Buy ratings, 13 Hold ratings and one Sell rating.
Wells Fargo's downgrade follows Fidelity National Information Services' second-quarter results on August 4, when the company reported adjusted earnings of $1.48 per share, one cent ahead of consensus expectations. Revenue of $3.38 billion was broadly in line with forecasts.
However, investors focused more heavily on weaker guidance. FIS reduced its Capital Markets segment revenue growth forecast to between 3% and 3.5%, down from its previous expectation of 5.5%.
The company also lowered its full-year adjusted earnings guidance to between $6.15 and $6.24 per share from $6.22 to $6.32 previously. Revenue guidance for the year was cut to a range of $13.63 billion to $13.70 billion, compared with the earlier forecast of $13.77 billion to $13.85 billion.
#company #guidance #fidelity #shares
8 days ago
