CSFB Raises Estimates for First Data

Analyst Mark Wolfenberger cites a solid third quarter performance for the financial services company

First Data (FDC ) was higher after the financial services company posted a Q3 EPS of $0.69 from continuing operations. CS First Boston raised its estimates for the company, and reiterated its buy rating.

Analyst Mark Wolfenberger notes overall performance was solid, especially in light of about $15 million revenue impact on the company from the World Trade Center tragedy. The company is confident it's in the low end of 13% year-over-year 2001 revenue growth guidance, and high end of 17% year-over-year bottom-line growth. The analyst added he expects the money transfer business to continue to exhibit strength, potentially benefiting from turmoil, despite tough overall macro economy.

The analyst raised his 2001 EPS estimate to $2.49 from $2.47. He sees 2002 EPS of $2.82. He reiterated his 12-month price target of $68 for the stock.

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