Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

CS First Boston Trims First Data to Neutral

CS First Boston downgraded First Data (FDC) to neutral from outperform.

Analyst Dris Upitis says he cut on growth and margin concerns. In the Payment unit, he estimates foreign exchange, acquisitions, and investment gains contributed 5% to 7% to revenue growth. He calculates investment gains may be contributing 2% of growth and 300 basis points in operating margin, which may be blurring the reality of Western Union's current level of growth and profitability.

He notes the company's merchant-alliance structure may encounter its first real challenges. Also, TeleCheck continues to weigh on profitability and there's a mix shift toward lower-revenue debit cards. Upitis cut the $2.45 2005 EPS estimate to $2.38 and set a $42 target.

blog comments powered by Disqus