Fiserv downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo analyst Jeff Cantwell downgraded Fiserv to Underweight from Equal Weight with a price target of $101, down from $106. The analyst thinks 2023 will be more challenging fundamentally for his coverage versus 2022. Though he expects a challenging market environment in the first half of the year, Cantwell thinks slowing inflation plus a Fed pivot will drive "risk-on" sentiment in the space by the second half.