FIS downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst David Togut downgraded FIS to In Line from Outperform with a price target of $60, down from $75, based on a revised sum-of-the-parts analysis that factors in what the firm calls “substantially increasing competition” in both U.S. merchant acquiring and in Banking Solutions. Adyen’s recent, “surprisingly large” earnings shortfall may force that company to reduce prices in North American enterprise e-commerce payments, which would limit FIS’ 45% pro-rata share of Worldpay’s earnings post sale to GTCR, the analyst tells investors.