TD Cowen analyst Bryan Bergin downgraded Fiserv (FI) to Hold from Buy with a price target of $80, down from $177. The level and pace of business slowdown is “baffling,” says the analyst, who adds that lower structural growth messaging, the initiation of a remediation plan and leadership shuffling “leave us questioning how things changed so quickly.” Culture changes to fix a prior “short-term focus” is apt to drive churn and material execution risk could remain discounted in shares, the analyst added.
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