Market Perform/Speculative - Price 13.18 on June 29
by Morgan Keegan

Bank of America and First Data have announced plans to form a merchant-acquiring joint venture. The announcement includes a disclosure that following a "transition period" (unquantified), FDC will provide processing services for the JV. Currently, Total Systems provides merchant-processing services for a portion of the Bank of America acquiring business (Bank of America Merchant Services). With no data on timing and only rough estimates (see below) of the precise impact on TSS, we are leaving our earnings projections unchanged at this time. However, we believe that the earnings impact could be substantial-and initially project that once fully de-implemented, [TSS could face a loss of] processing revenue [that] could negatively impact earnings by 20 cents/share, [affecting] our $1.22/share [fiscal-year]'10 operating EPS projection. We're maintaining a Market Perform rating on the shares; however, given a lack of clarity on timing and precise scope of the financial impact, we are adjusting our risk rating to Speculative Risk (from Market Risk). Market cap: $2.7 billion.

Spin off from Synovus.

Spin off from Synovus.

Spin off from Synovus.

Spin off from Synovus.

Spin off from Synovus.

Spin off from Synovus.

Spin off from Synovus.

Spin off from Synovus.

From my GrowthLynch Moneycentral Scan for long term growth.

down since i got