Oppenheimer upgraded Fiserv to Outperform from Perform with a $168 price target. The firm notes that many investors understand Clover’s importance to the FI franchise, but the company’s continued VAS penetration expectation through 2026 is impressive and adds an upward bias for sustaining high total company margin expansion. Based on disclosures in Fiserv’s Q4 investor day, Oppenheimer says it has probably been undervaluing its new Financial Solutions segment. Fiserv’s total company revenue growth outlook ex-currency seems achievable given strategic priorities, gross margins and diverse business, Oppenheimer argues.
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