Fiserv, Inc. Investor Day Takeaways - Sets Reasonable Plan To Return To Its Roots of Being A Consistent Compounder, Now It’s Time To Execute; Medium-Targets In-Line

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Fiserv, Inc. Investor Day Takeaways - Sets Reasonable Plan To Return To Its Roots of Being A Consistent Compounder, Now It’s Time To Execute; Medium-Targets In-Line

J P M O R G A N North America Equity Research

15 May 2026

Fiserv, Inc.

Investor Day Takeaways - Sets Reasonable Plan To Neutral

Return To Its Roots of Being A Consistent Compounder, FISV, FISV US

Now It’s Time To Execute; Medium-Targets In-Line Price (14 May 26):$53.46

Price Target (Dec-26):$75.00

The tone and strategy shared at Fiserv’s first Investor Day under CEO Mike Lyons Payments, Processors & IT Services

AClanded well with us: clear-eyed on challenges with a reasonable path forward Tien-tsin Huang, CFA

grounded on execution to return Fiserv to its roots of being a consistent (1-212) 622-6632

compounder. 2026 remains a transition year, and FY26 outlook was reaffirmed, tien-tsin.huang@jpmorgan.com

with 2Q representing a trough. As expected, medium-term targets were set below Connor Allen

prior administration targets, but right in-line with our expectation of MSD revenue (1-212) 270-2895

growth and double-digit EPS growth. We believe the targets better reflect the connor.allen@jpmorgan.com

market growth rates in which Fiserv competes, while acknowledging the front and Abbey Hochreiner

back book challenges/opportunities. We like the emphasis on client service and (1-212) 270-5798

abbey.hochreiner@jpmchase.com

tech centered on open architecture with capabilities modularized to improve J.P. Morgan Securities LLC

delivery and ARPC. And strategically keeping merchant and financial solutions

together was confirmed, and we’re eager to see if the velocity of synergies improve

in order to differentiate and win in competitive spaces like e-comm, marketplaces, Fiserv is scheduled to present at JPM’s