Fiserv downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst James Faucette downgraded Fiserv (FI) to Equal Weight from Overweight with a price target of $81, down from $179, following the earnings report. The firm says new management’s work “is beyond just an expectations reset.” Fiserv’s new strategy includes increased investment, less reliance on price increases and short term revenue drivers, and more focus on delivering durable recurring revenues and customer support, the analyst tells investors in a research note. Morgan Stanley sees these initiatives taking at least three quarters to have a measurable impact.