Read more here.

Outperform - Price 18.20 on March 31
by Baird Securities

FIS announced it has agreed to acquire Metavante (MV) in an all-stock transaction. MV shareholders will receive 1.35 shares of FIS stock for each share of MV, implying a current per-share value of about 24.50. The deal price reflects about 8.5 times MV's '09E-Ebitda (FIS is currently trading around 6.8 times '09E-Ebitda). The deal is expected to close in 3Q09. The deal is expected to generate $260 million in annual cost synergies....The combined balance sheet will have about $3.8 billion of debt and about $0.5 billion of cash. This reflects 2.8 times debt to our combined '09E-Ebitda estimates before synergies....Thomas H. Lee and Fidelity National Financial will also receive additional...shares in the [new] company, resulting in total outstanding pro-forma shares of 374 million in the combo....Warburg will be an 11% owner. Market cap: $3.5 billion.

Outperform - Price 16.54 on Feb. 11
by Baird Securities

FIS has core processing and technology relationships with 41 of the top 50 global banks and all of the top 10. Our 20 target reflects 11 times 2010E-EPS. We use 11 to 13 times for others in the group, but given generally solid outlooks across the group, our bias is to raise our target multiples over the next several months. Market cap: $3.2 billion.

Fidelity National Information Services Inc. said recently that its board approved the repurchase of $250 million in shares.

The provider of technology services to financial institutions also recently announced that its first-quarter earnings rose 18 percent.

Net income jumped to $70.5 million, or 36 cents per share, from $59.5 million, or 30 cents per share, a year ago.

Earnings adjusted to exclude certain items rose 15 percent to $312.3 million, or 57 cents per share. Analysts expected that result to be 58 cents per share, according to Thomson Financial.

The stock has a forward PE of 11.

Fidelity National (FIS) was upgraded from Neutral to Buy, Suntrust Robinson Humphrey said. $51 price target. Stock could trade sidways for a while, but offers an attractive long-term valuation.

Own thru spinoff

Ditto pretty sure that the Fidelity involved was the more general business services company, not a bank or something.

Downgraded by AG Edwards from Buy to Hold

Shares Held 3,621,037-- 1.71% of Portfolio

Downgraded by Sun Trust Rbsn Humphrey from Buy to Neutral