Fiserv price target lowered to $165 from $180 at Jefferies

Jefferies analyst Trevor Williams lowered the firm’s price target on Fiserv (FI) to $165 from $180 and keeps a Hold rating on the shares. With the reset to low double-digit normalized GPV growth implying more subdued organic share gain in the U.S. going forward, the “bloom is off the rose for Clover’s secular growth story,” the analyst tells investors. As seen across the group over the past five years, the migration into a stock focused on a singular key performance indictor, in this case Clover GPV, has “made valuation a secondary consideration,” the analyst added.