Fiserv downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded Fiserv (FI) to Market Perform from Outperform with a price target of $80, down from $205. The firm says the magnitude of the Q3 miss “is hard to explain and a seemingly 180 degrees turn under the new management.” Bernstein now has a lack of confidence into the visibility the company has into its own business.