Core Viewpoint - Wells Fargo and other firms have initiated coverage on various companies in the payments and technology sectors, highlighting both challenges and opportunities within these industries [1] Group 1: Payments Sector - Wells Fargo initiated coverage of PayPal (PYPL) with an Equal Weight rating and a price target of $74, noting the sector's struggles due to a shift towards AI-centric stocks and execution issues among companies [1] - Coverage was also initiated for Shift4 (FOUR) and Fiserv (FI) with Equal Weight ratings, indicating a cautious outlook on these companies [1] - Block (XYZ) received an Overweight rating and a price target of $91, with Wells Fargo identifying attractive opportunities despite the sector being challenging for investors [1] - Other companies in the payments sector, including Global Payments (GPN), FIS (FIS), Visa (V), MasterCard (MA), Affirm (AFRM), and Circle Internet (CRCL), were also given Overweight ratings [1] Group 2: Advertising and E-commerce - Deutsche Bank initiated coverage of AppLovin (APP) with a Buy rating and a price target of $705, emphasizing its strong advertising technology and expansion into e-commerce advertising, which is significantly larger than mobile game in-app advertising [1] Group 3: Renewable Energy - Needham initiated coverage of First Solar (FSLR) with a Buy rating and a price target of $286, viewing it as a leading option for investing in U.S. utility-scale solar due to favorable policies [1] Group 4: Technology and Infrastructure - Piper Sandler initiated coverage of Dell Technologies (DELL) with an Overweight rating and a price target of $172, predicting it will benefit from a strong enterprise data center refresh in 2026 and AI infrastructure developments [1] - HP Enterprise (HPE) was also covered by Piper Sandler but received a Neutral rating, indicating a less favorable outlook compared to Dell [1]

Core Insights - Fiserv, Inc. is recognized as one of the 12 best fintech stocks to buy according to analysts, with TD Cowen reaffirming a Buy rating and a price target of $188 [1][2] - The positive outlook follows Fiserv's Forum 2025 event, which highlighted the company's innovation and unification strategies aimed at enhancing growth [1][2] - TD Cowen expresses increased confidence in Fiserv's medium-term position, emphasizing the company's diverse product offerings and improved integration between its Financial Services and Merchant Solutions segments [2][3] Company Overview - Fiserv, Inc. is a global financial technology and payments company that provides solutions for banking, merchant acquiring, global commerce, billing and payments, and point-of-sale [3] - The Clover payment processing system and the Financial Services segment are noted as key components supporting Fiserv's growth momentum [3]

Group 1 - Fiserv, Inc. (NYSE:FI) is recognized as a stock to buy by billionaire Ray Dalio's Bridgewater Associates [1] - On October 8, Fiserv launched the Roughrider coin in partnership with the Bank of North Dakota, marking North Dakota's first stablecoin [1][2] - The Roughrider coin is a stablecoin fully backed by US dollars and will be available to credit unions and banks in North Dakota starting in 2026 [1][2] Group 2 - The Roughrider coin will operate on Fiserv's digital asset platform, which was introduced in June, alongside a "white-label" stablecoin called FIUSD [2] - The platform aims to facilitate secure, efficient, and interoperable payment flows in regulated banking environments [2] - The initiative is designed to enable secure bank-to-bank transactions, support global money movement, and drive merchant adoption within North Dakota [2] Group 3 - North Dakota has become the second US state to issue a government-backed stablecoin [2] - Fiserv is a financial technology company providing digital banking, payment processing, merchant acquiring, and financial services solutions globally [2] - Key platforms of the company include Clover and Carat [2]

Core Insights - The article compiles significant research calls from Wall Street, highlighting upgrades and downgrades of various companies that investors should be aware of [1] Upgrades - BofA upgraded Sea Limited (SE) to Buy from Neutral with a price target of $215, increased from $206, citing strong momentum across its businesses [2] - JPMorgan upgraded Las Vegas Sands (LVS) to Overweight from Neutral with a price target of $60, up from $56, due to a recent pullback in shares and a positive outlook for Singapore [2] - JPMorgan also upgraded PPG (PPG) to Overweight from Neutral, maintaining a price target of $112, believing that PPG's market value has decreased more than its business fundamentals [3] - Seaport Research upgraded TKO Group (TKO) to Buy from Neutral with a price target of $214, becoming more constructive after recent share pullbacks [3] - Wells Fargo upgraded T-Mobile (TMUS) to Overweight from Equal Weight with a price target of $260, up from $250, due to higher expected free cash flow growth and network leadership [4] Downgrades - Bernstein downgraded Lululemon (LULU) to Market Perform from Outperform with a price target of $190, down from $220, citing worsening underlying U.S. trends despite a near-term boost from promotions [5] - TD Cowen downgraded Molina Healthcare (MOH) to Hold from Buy, maintaining a price target of $203, due to potential medical loss ratio pressure from state budget deficits [5] - Deutsche Bank downgraded Fiserv (FI) to Hold from Buy with a price target of $122, down from $175, anticipating a lower 2025 outlook amid deteriorating fundamentals [5] - Rothschild & Co Redburn downgraded Verisk Analytics (VRSK) to Sell from Neutral with a price target of $220, indicating that downside risks are not reflected in the shares [5] - Goldman Sachs downgraded Cricut (CRCT) to Sell from Neutral with a price target of $4.75, down from $5.50, due to limited visibility into sustainable revenue growth beyond 2026 [5]

Core Insights - Vulcan Value Partners reported positive absolute performance across all strategies in Q3 2025, with the All-Cap Composite leading at 5.5% net return [1] - Fiserv, Inc. (NYSE:FI) was highlighted as a new position, with a significant decline in stock value over the past year, closing at $121.11 with a market cap of $65.83 billion [2][3] Performance Summary - Large Cap Composite returned 4.6% net of fees and expenses - Small Cap Composite returned 4.1% net - Focus Composite returned 3.7% net - Focus Plus Composite returned 3.7% net - All-Cap Composite returned 5.5% net [1] Company Analysis: Fiserv, Inc. - Fiserv operates in two segments: merchant solutions and financial solutions, providing essential products and services [3] - The company has high switching costs, aiding customer retention and revenue stability [3] - Fiserv is expected to generate over $5 billion in free cash flow this year, which is being used for share repurchases [3] - The stock has seen a significant decline since earlier in the year, but the value remains stable [3] Hedge Fund Interest - Fiserv, Inc. was held by 94 hedge fund portfolios at the end of Q2 2025, an increase from 72 in the previous quarter [4] - Despite its potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Core Insights - Fiserv, Inc. has partnered with the Bank of North Dakota to launch the Roughrider coin, a stablecoin backed by U.S. dollars, marking it as the first state-backed stablecoin in the U.S. [1][2] - The Roughrider coin aims to enhance bank-to-bank transfers, improve global money movement, and increase merchant adoption within North Dakota [2][3] - The coin will utilize Fiserv's digital asset platform, which is designed to be efficient and interoperable with other digital currencies [3][4] Company and Industry Developments - The Roughrider coin is expected to be available to banking institutions and credit unions in North Dakota by next year [2] - Fiserv's digital asset platform, introduced earlier this year, includes a white-label stablecoin called FIUSD, which will support the Roughrider coin [3] - The initiative reflects North Dakota's commitment to modernizing its financial ecosystem and capitalizes on recent federal law changes [4]

Core Insights - Fiserv, Inc. is a leading provider of payments and financial technology services, with a market capitalization of $68.8 billion, offering solutions for customer deposit and loan accounts, digital banking, and financial management [1] - The company is expected to report a profit of $2.66 per share for Q3 2025, reflecting a 15.7% increase from the previous year [2] - Analysts project a full-year EPS of $10.21 for fiscal 2025, up 16% from $8.80 in fiscal 2024, and an EPS of $11.86 for fiscal 2026, indicating a year-over-year growth of 16.2% [3] Performance Analysis - Fiserv's stock has underperformed, declining 32.7% over the past 52 weeks, compared to a 17.4% gain in the S&P 500 Index and a 27.5% gain in the Technology Select Sector SPDR Fund [4] - Following the Q2 earnings release, Fiserv shares dropped 13.9%, despite revenue increasing by 8% year-over-year to $5.5 billion and adjusted EPS growing 16% to $2.47, which beat analyst expectations [5] Analyst Sentiment - The consensus opinion on Fiserv stock is bullish, with a "Strong Buy" rating from 24 out of 34 analysts, while the average price target is $184.43, suggesting a potential upside of 45.8% from current levels [6]

Partnerships & Initiatives - Bank of North Dakota partners with Fiserv to launch state-backed 'Roughrider Coin' [1]

Core Insights - North Dakota is launching a state-backed stablecoin named Roughrider coin, fully backed by U.S. dollars, aimed at enhancing bank-to-bank transactions and global money movement [2][4] - The initiative is part of a broader strategy to modernize the financial ecosystem in North Dakota, leveraging recent federal law changes [3][4] - The Roughrider coin will be available to banks and credit unions in North Dakota starting in 2026 [2] Group 1: Stablecoin Development - The Roughrider coin is designed to facilitate faster and more secure transactions, integrating traditional finance with blockchain technology [5][6] - The stablecoin will be the first to launch on Fiserv's digital asset platform, which aims to provide efficient digital payment services [4][5] - North Dakota's approach is seen as a pioneering move among U.S. states, following Wyoming's launch of its own stablecoin [7] Group 2: Strategic Partnerships - The partnership with Fiserv allows North Dakota to utilize an existing secure blockchain infrastructure, avoiding the need to develop new systems from scratch [7] - Fiserv's COO emphasized the importance of combining traditional finance reliability with blockchain innovation for improved digital payments [5] Group 3: Regulatory and Economic Context - The North Dakota Industrial Commission supports the stablecoin initiative, highlighting its potential to enhance the state's financial sector [6] - The Roughrider coin is positioned to create a foundation for broader merchant adoption of stablecoins in the future [7]

Core Insights - North Dakota is launching a U.S. dollar-backed stablecoin called "Roughrider Coin" in collaboration with Fiserv, targeting financial institutions in the state [1][2] - The stablecoin aims to enhance bank-to-bank transactions, promote global money movement, and drive merchant adoption [2] - The stablecoin market has grown significantly, reaching $293 billion, with a 70% increase over the past year, driven by regulatory developments such as the GENIUS Act [3] Company and Industry Developments - Fiserv is expanding its presence in the stablecoin sector, having launched a crypto issuance platform on Solana earlier this year [3] - North Dakota joins Wyoming in exploring cryptocurrency initiatives, with Wyoming having already introduced its Frontier Stable Token [4] - Fiserv processes over 90 billion transactions annually for 10,000 financial institutions, positioning itself as a link between traditional finance and blockchain technology [4]