2Q26 Fintech & Payments Preview: In An Era Of Scrutiny, Consistency Is King

研报英文原文证据摘录

2Q26 Fintech & Payments Preview: In An Era Of Scrutiny, Consistency Is King

TD SECURITIES (USA) LLC INDUSTRY UPDATE

July 7, 2026

■Computer Services & IT Consulting: 2Q26 Fintech & Payments Preview: In An Era

Financial Technology Of Scrutiny, Consistency Is King■Payments

Bryan C. Bergin, CFA THE TD COWEN INSIGHT

646 562 1369

Into 2Q26 prints, spending trends remain resilient though focus shifts to discretionary

bryan.bergin@tdsecurities.com

categories & travel. Amid leadership changes, strategic resets, and recent execution hiccups,

David Duka consistency remains the missing ingredient, with valuations still well below historical averages

646 562 1444 and underwhelming YTD sector stock performance. We still favor XYZ most & preview ADYEN,

david.duka@tdsecurities.com

FIS, FISV, GPN, PYPL & PRTH.

Price Target Changes

Execution Scrutiny while 2H Delivery Takes Center StageFISV $63.00 (Prior $64.00)

The US consumer remains more resilient than sentiment suggests, w/ hard data pointing to

stability; Mideast stabilization has emerged, though uncertainty remains on potential 3Q

headwind spillover. The sector continues to receive virtually no benefit from AI momentum

that's captivated the market, but encouragingly, strategic sector M&A activity has percolated

to suggest valuation footing. The key debate is whether Payments is facing a cyclical growth

issue or a credibility problem; we believe it's the latter. We see limited risk to FY26 guides &

expect broad affirmation w/ select upside. XYZ most positive, FIS & PRTH positive, ADYEN &

GPN wild cards, FISV & PYPL neutral.

■ADYEN. Clear & concise message critical to restore confidence. Growth view affirmed

amid M&A; unchanged cadence & hitting growth bogeys would set up relief rally, but Street

margin too high.

■FISV.