FISV•Fiserv reported Q3 adjusted net income of $936 million, or $1.75 per share, and revenue of $4.85 billion, both above analysts’ estimates. It raised its Project Elevate savings target to $1 billion from $500 million.
Fiserv shares rose 7.3% to $55.70 in premarket trading after the company reported Q3 adjusted net income of $936 million, or $1.75 per share, compared with analysts’ estimates of $906.13 million, or $1.72 per share. Adjusted revenue was $4.85 billion, versus estimates of $4.84 billion.
The company raised its Project Elevate savings target to $1 billion from $500 million. Six of 38 analysts rated the stock strong buy or buy, 28 rated it hold and four rated it sell; the median price target was $56. The shares were down 22.7% year to date as of the previous close.
