First Data stock climbs after investor day; analyst says 'transformation has reached escape velocity'

Shares of First Data Corp. are up 2.5% in Tuesday trading after the company's investor day in New York. The company reiterated its annual guidance and extended its medium-term outlook, which called for mid-single-digit revenue growth, to now cover the 2019-2021 period. First Data also said it expects to generate low-double-digit earnings growth over the three-year period, according to Piper Jaffray analyst Jason Deleeuw. He said that the company's "transformation has reached escape velocity" and increased his price target to $31 from $29. He highlighted the company's Clover product, which is an alternative to Square Inc.'s offerings for small businesses, and will come to new countries including Germany, Austria, and Canada this year. First Data's stock is up 15% over the past 12 months, in line with the S&P 500