Wells Fargo Upgrades $FOUR to Overweight from Equal Weight, PT $59 Analyst comments: "Amid weak sentiment, paths to multiple expansion include: progress on int'l/GB synergies, improving FCF, and possible strategic alternatives. Middle East still a wildcard, but exposure well understood. Several potential drivers of multiple expansion. While there has been ample negativity around FOUR (short interest at ~27%), in part due to unforced errors around communication, we think there is headroom for material multiple expansion if investor confidence in one or more of the following scenarios increases: 1) tangible proof points on int'l expansion progress + GB rev synergy initiatives, 2) improving FCF generation, 3) potential strategic alternatives (which FOUR has pursued in the past)." Analyst: Jason Kupferberg