New York, October 26 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their BUY rating on the shares of Total System Services, Inc (NYSE: TSS). The 12-month target price is set to $28.
In a research note published on October 24, the analysts mention that in spite of pricing pressure, Total System Services reported solid quarter. Furthermore, being above the estimate of $395.5 million (1.4 percent Y/Y) and $0.31, Total System Services posted net revenues of $406.1 million (+4.1 percent Y/Y) and EPS of $0.32, respectively. In addition to this, the NA AOF ex prepaid and single use rose 9.7 percent Y/Y and merchant direct acquiring volumes rose 17.4 percent Y/Y, due to this, operating metrics accelerated.
Moreover, from the conversion of AOF pipeline (roughly 20 million in first quarter of 2013, approximately 10 million in second quarter of 2013, approximately 70 million in FY14) and growth of same-client, growth is anticipated to accelerate in FY13 and FY14 with the Central Payment acquisition revenues (approximately $10 million per quarter) offsetting headwinds from the renewal of BAC (almost $8 million per quarter). Furthermore, reiteration of BUY rating is done and besides, EPS estimates of FY12 and FY13 have been augmented by $0.01 to $1.29 and $1.44, respectively, the analysts add further.
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