Fiserv (FISV) could re-emerge in 2027 with better operating leverage after going through a tough 2026, RBC Capital Markets said in a note Thursday.

"While FISV continues to be rooted in a multi-year transition, we

believe the bulk of the incremental investments, Core attrition, and macro volatility...should fall heaviest on FY26, with operating leverage beginning to re-emerge (~50bps) in FY27 and beyond," the report said.

The report also said its new CEO appears more open to a wider

range of possibilities, in terms of strategic asset review, which could yield incremental capital re-deployment opportunities.

Among the positives in Q2, the report pointed to Clover, which remained strong with 11% gross payment volume growth and 13% revenue growth.

The note also said the firm is conducting a comprehensive

portfolio review to assess each product, with a willingness to take strategic action where necessary.

RBC kept its outperform rating and lowered its price target to $65 from $75.

Price: 51.51, Change: -2.61, Percent Change: -4.81