Fiserv downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Fiserv (FI) to Neutral from Buy with a price target of $79, down from $149. The company’s guidance reset was much larger than expected and new management highlighted numerous areas of the business where the prior focus was on short term strategies to drive revenue growth that were at odds with a client first mindset, the analyst tells investors in a research note. The firm says Fiserv is guiding to flat revenue for the next nine months until the pricing reversals and one time revenue issues are lapped.