UPDATE: Truist Securities Downgrades Fiserv (FISV) to Hold; 'Expect C22 Deceleration to Weigh'
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Truist Securities analyst Andrew Jeffrey downgraded Fiserv (NASDAQ: FISV) from Buy to Hold with a price target of $120.00 (from $135.00).
The analyst commented, "We lower ratings on FIS and FISV to Hold, drop our PTs to $155 and $120 (21.4x and 19x C22E EPS) and maintain below-Street C22/C23 ests. While we see nothing wrong w/these cos, we expect valuations to contract as investors contemplate slowing Merchant segment organic rev growth and lack of strategic optionality. Both Fidelity and Fiserv have strong nonMerchant offerings, in our view, but we think slowing segment top-line growth will outweigh steadier Core Processing, Issuer Processing and other Payments performance. We expect stock price appreciation to lag 10%+ l-t EPS growth compounding."
Shares of Fiserv closed at $113.40 yesterday.
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