Analysts Are Cutting Price Targets of These 5 Stocks

02. Fidelity National Information Services, Inc. (NYSE:FIS)

Number of Hedge Fund Holders: 68

On July 3, David Koning, an analyst at Baird, decided to maintain an Outperform rating on Fidelity National Information Services, Inc. (NYSE:FIS) and lowered the price target from $80 to $75. The maintained Outperform rating indicates that Koning expects Fidelity National Information Services, Inc. (NYSE:FIS) to outperform the market or its industry peers.

Weitz Partners III Opportunity Fund made the following comment about Fidelity National Information Services, Inc. (NYSE:FIS) in its first quarter 2023 investor letter:

“The portfolio holdings most directly impacted by the bank failures of the first quarter were Charles Schwab and Fidelity National Information Services, Inc. (NYSE:FIS), both top detractors for the quarter. Banking software provider FIS’s shares were also collateral damage as investors looked to shed any exposure to the small and regional banks that FIS serves. This, after several quarters of underwhelming operating results, lands FIS as our top detractor for the fiscal year period as well. Our FIS experience has been disappointing to be sure. But having re-underwritten our investment thesis and lowered our business value estimate, we believe investors have exacted too steep a penalty on FIS shares. From this lowered price, we are optimistic that new management can reestablish credibility with investors and unlock value through the planned separation of the banking software and merchant services businesses.”