Fiserv price target lowered to $180 from $200 at BTIG

BTIG lowered the firm’s price target on Fiserv (FI) to $180 from $200 and keeps a Buy rating on the shares as part of a Q3 earnings preview. The shares are down 29% since the Q2 report and 43% year-to-date as investors have lost confidence that Clover can gain market share, the analyst tells investors in a research note. In addition, more of Clover’s growth is coming from back-book conversions and expansion with existing customers, which is commanding a lower multiple compared to net-new customers, contends BTIG. The firm, however, sees upside from Fiserv’s “current historically low multiple.”