Fiserv: Negativity Has Finally Gone Too Far

Fiserv has sharply underperformed, but I now rate it a 'strong buy' given signs of stabilization and deeply negative sentiment. Clover remains FISV's key growth driver, with 10-15% normalized volume growth expected and potential for value unlock via separation or sale. Management reaffirmed 1-3% organic growth and $8.00-$8.30 EPS guidance, with margin improvement anticipated in H2 and free cash flow targeted at $3.8 billion.