FIS price target raised to $104 from $95 at RBC Capital

RBC Capital raised the firm’s price target on FIS (FIS) to $104 from $95 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company continues to build out a highly recurring, durable business model, while balancing investor expectations, the analyst tells investors in a research note. Despite the tough comp, Banking delivered 6% recurring revenue growth, while Capital Markets recurring revenue growth was ~6%, with overall growth aided by strong license sales, the firm added.