FIS price target raised to $88 from $85 at Barclays

Barclays raised the firm’s price target on FIS to $88 from $85 and keeps an Overweight rating on the shares. The firm updated its model to better reflect FIS’s margin expansion and Banking Solutions revenue cadence in FY24, noting that it believes much of management’s FY24 guided margin expansion and segment growth will occur in the second half.