First Data Corp. (FDC-NYSE)
By JMP Securities (31.85, August 6, 2002)
We are downgrading our rating on shares of First Data to Market Perform from
Market Outperform, as we continue to accumulate data that suggest the
quality of First Data’s earnings is deteriorating in every segment.
The deterioration is due to a combination of increased competition,
stepped-up pricing pressures, an over-reliance on acquisitions, and
questionable acquisition prices being paid by the company.