Wells Weekly Payments Pulse

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Wells Weekly Payments Pulse

Equity Research

Multi Company Update — May 17, 2026

Payments, Processors, and IT Services

Payments, Processors & IT Services—Previewing the Week

Ahead

Rating Changes

Our Call Rating Price Target

Our "Wells Weekly" provides investors in the Payments, Processors, & IT Services space with Ticker Curr. Prior Curr. Prior

unique insights into key upcoming events and potential catalysts for the sector. ADP UW EW $214.00 NC

We are hosting a Restaurant POS booth tour for investors at the National Restaurant

Association Show on 5/18 in Chicago. The booth tour will feature a mix of guided Jason Kupferberg

sessions with Shift4 (FOUR), Genius/GPN, Toast, and self-guided sessions (no mgmt Equity Analyst | Wells Fargo Securities, LLC

Jason.Kupferberg@wellsfargo.com | 212-214-5457

participation) with Square, Clover/FISV, DoorDash, TouchBistro, SpotOn, NCR, and

Cassie ChanOracle/Micros. Please reach out to your salesperson for more details. We will also be

hosting a recap call on Tuesday, May 19th at 12:30pm ET. EquityCassie.Chan@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-5331LLC

Melissa Chen, CFA

Expert Call - Capital One Global Network Buildout | Wednesday, 5/20 @ 11am ET. Associate Equity Analyst | Wells Fargo Securities, LLC

In partnership with our Consumer Finance Research team, please join us for an expert Melissa.Chen@wellsfargo.com | 212-214-5346

discussion on COF's global network buildout following the acquisition of Discover. Our Tyler DuPont, CFA

guest speaker is Eric Grover, Principal at Intrepid Ventures, a corporate development Associate Equity Analyst | Wells Fargo Securities, LLC

and strategy consultancy advising financial services, payment networks, and processing Tyler.J.Dupont@wellsfargo.com | 212-214-5431

businesses.