FDC : First Data Corp Message Board

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Technology Stocks : FDC : First Data Corp

FDC 31.69

0.0%

Aug 5 4:00 PM EDT

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To: JakeStraw who wrote (282)	6/3/2002 1:06:02 PM
From: JakeStraw	Read Replies (1) of 323

RESEARCH ALERT - Lehman starts First Data as "buy" Reuters Company News biz.yahoo.com NEW YORK, June 3 (Reuters) - Lehman Brothers said on Monday that it started coverage of First Data Corp. (NYSE:FDC), a provider of card processing and money transfer services, with a "buy" rating and a 12-month price target of $87. Analyst Karl Keirstead said First Data is a "premier defensive growth story," but it faces revenue pressures in the second half of this year and 2003 and the company is taking on near-term risks with international expansion. "We are setting our EPS estimates slightly below consensus and are setting our revenue estimates below company guidance but in-line with Street estimates," Keirstead said in a research note. "At 24 times 2002 EPS, FDC shares seem reasonably priced given 15-20 percent EPS growth, but in our view P/E multiple expansion is limited until top-line visibility improves," Keirstead said. Multex published consensus earnings per share estimates of $3.30 for 2002 and $3.82 for 2003.

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