Fiserv price target lowered to $85 from $155 at JPMorgan

JPMorgan lowered the firm’s price target on Fiserv (FI) to $85 from $155 and keeps an Overweight rating on the shares. The firm expected the company’s Q3 report to be a “clearing event,” but says the quarter “felt more like a necessary washout for Fiserv to cleanse itself, return to its roots, and be a high-quality compounder.” JPMorgan believes yesterday’s selloff fully reflects the earnings revisions and some multiple compression. Fiserv’s “more achievable” targets should set the table for higher visibility results, the analyst tells investors in a research note.