BTIG analyst Mark Palmer raised the firm’s price target on Intelligent Systems (INS) to $58 from $51 and keeps a Buy rating on the shares. The analyst notes that The Wall Street Journal reported on Thursday that Goldman Sachs (GS), which reportedly uses Intelligent Systems’ licensed software to power its processing platform, had won the competition for General Motors’ (GM) credit-card program. Palmer believes the addition of the second large card program on Goldman’s platform – the first was the Apple Card (AAPL) – will be nicely accretive to Intelligent Systems’ revenues and earnings while providing it with the opportunity to demonstrate that it can facilitate a large program conversion.
On October 1, 2020, BTIG analyst Mark Palmer reiterated a Buy rating and $51 price target on Intelligent Systems (INS) following Goldman Sachs’ (GS) reported agreement to acquire General Motors’ (GM) credit card business. Palmer believes that Intelligent Systems, which reportedly provided the software that enabled Goldman to serve as the processor for the Apple Card (AAPL), will provide the software that will allow the bank to act as a processor for the GM card. The analyst that the reported agreement is set to provide a “significant boost” to Intelligent’s outlook for professional services/licensing revenues and earnings.