Fiserv downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded Fiserv (FI) to Equal Weight from Overweight with a price target of $80, down from $160. While the baseline may be “appropriately reset,” the firm does not expect shares to re-rate until the the second half of 2026 when it believes growth acceleration may be more apparent. While the firm believes new management and board appointments affirm a “commitment to change,” it thinks it will take several quarters to regain the market’s confidence in the strategy.