What We Learned This Week: Post-Earnings Volatility

研报英文原文证据摘录

What We Learned This Week: Post-Earnings Volatility

Deutsche Bank

Research

North America Industry Date

United States 17 May 2026

What We Learned

TMT Industry Update

Payments, Processors, & IT This Week

Services

Post-Earnings Volatility

Nate Svensson, CFA

Investor days and KLAR/GLOB T+1 squeezes higher highlight another week of Research Analyst

underperformance +1-917-547-4768

It remained an eventful (and volatile) week across both our Payments & Fintech and

IT Services coverage. Starting with Payment & Fintech, AFRM hosted an investor Hersh Shintre, CFA

Research Associate

day (link) where the company walked through its next phase of growth and provided

+1-917-459-1162

updated financial targets. The new financial targets were mostly in-line with our

expectations and are likely to prove conservative once again, making the update Paul Tomaszewski

more of a non-event than expected. FISV also hosted an investor day (link) where Research Associate

the company walked through a strategy and financial framework that had already +917-419-2598

been well disseminated, and we will remain on the sidelines until we see real proof

of consistent execution. More positively, KLAR reported strong 1Q26 results (link)

across the board which was much needed and is hopefully a step in the right

direction to improve sentiment, although we continue to expect investor questions

on credit and what the 4Q26 exit rate/right level of FY27 growth should be. Lastly,

CPAY held a teach-in on its Cross-Border Solutions business (link) that we found

informative and reinforced our long-term conviction around the company.

Payment & Fintech remains out of favor and, despite solid weeks from KLAR and

V, our group underperformed the broader market (-3% vs. SPX flat) with this