WEX - Fiserv downgraded to Market Perform at Cowen as peers rate more favorably

Cowen analyst George Mihalos cuts Fiserv (NASDAQ:FISV) to Market Perform from Outperform and lowers his price target for the payment processor's stock as he sees a more favorable risk-reward and long-term catalysts for peers Global Payments (GPN) and Fidelity National Information Services (FIS) and fuel card providers Wex (WEX) and Fleetcor Technologies (FLT). "On a relative basis given FISV's lower growth/return profile and modestly lower FCF (free cash flow) conversion vs. prior years, we see more compelling opportunities and likelihood for meaningful multiple expansion from peers," Mihalos wrote in a note to clients. He sets Fiserv's (FISV) price target to $126, reflecting 17x Cowen's 2023 EPS estimate vs. 19x prior. Mihalos said he doesn't doubt the company's ability to deliver on medium-term financial objectives laid out in 2020. In the past year, Fiserv (FISV) stock has declined 19%, outperforming Global Payments' (GPN) 36% drop and FIS's (FIS) -32% slide as

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Fiserv downgraded to Market Perform at Cowen as peers rate more favorably