After President-elect Donald Trump nominated Fiserv (FI) chairman and CEO Frank Bisignano to serve as Social Security Administration Commissioner and the company confirmed that the CEO will continue in his current positions until Senate confirmation of the appointment, Morgan Stanley tells investors that the firm would be buyers on the stock’s weakness related to this news. While calling him a “well respected CEO with a long tenure of strong execution,” the firm notes that Fiserv is a large organization with decades of operational outperformance that it says is “likely not contingent on any one CEO,” adding that it believe Fiserv should still be able to consistently deliver double-digit EPS growth under a new leader. The firm has an Overweight rating and $220 price target on the shares.
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Read More on FI:
- Trump Trade: Fiserv shares slip as CEO set to join new administration
- Fiserv CEO exit to Trump administration likely to pressure shares, says BofA
- Morning Movers: Fiserv shares drop following CEO’s nomination to Trump’s cabinet
- Fiserv CEO Frank Bisignano nominated as Social Security Commissioner
- Fiserv price target raised to $235 from $215 at BTIG
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
