William Blair Reiterates Outperform Rating on Fiserv (FI), 'Stay the course'

William Blair analyst Andrew Jeffrey reiterated an Outperform rating on Fiserv (NYSE: FI).

The analyst comments "Stay the course. We encourage investors to add to Fiserv positions. We see Clover as a leading software-integrated POS solution and argue that U.S. SMB processing is a large, fragmented TAM. In addition to a compelling VAS proposition, evidenced by 24% attach, we contend that Fiserv benefits from scaled distribution, including roughly 1,000 partner banks. Our view is that the bank channel will drive faster second-half Clover volume growth as partners sell through hardware and bundle Clover with Cash Flow Central. This tailwind, a recent ADP (ADP $319.37) distribution deal, Clover’s international launch in four markets, and a fading gateway conversion headwind bolster this view. Beyond Clover, we see Fiserv trading at a premium given superior competitive position, business mix, capital allocation, and financial consistency, including 39 straight years of double-digit EPS growth."

For an analyst ratings summary and ratings history on Fiserv click here. For more ratings news on Fiserv click here.

Shares of Fiserv closed at $166.66 yesterday.

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