Oppenheimer Maintains Outperform Rating On Fidelity Natl Information Services

According to Oppenheimer, Fidelity Nat'l Information Services (NYSE: FIS) recently confirmed reports that it made a preliminary approach regarding a possible cash offer for Misys PLC.

Oppenheimer said that while no assurances can be made regarding a formal offer, we believe a deal would be directionally consistent with FIS's strategy and could prove accretive, dependent on synergies. “We continue to believe FIS provides a favorable risk/reward but are somewhat lukewarm regarding a potential transaction given the integration risk, the increased leverage and the timing so soon after the Metavante and Capco transactions. Maintain Outperform rating and $39 price target.”

Fidelity Nat'l Information Services closed on Friday at $30.07.