Fintech Stocks Downgraded Amid Multiple Compression

Raymond James downgraded Global Payments and Fiserv to Market Perform from Outperform due to fintech multiple compression. Analyst Madison Suhr cited slower organic growth, greater investor focus on earnings quality, and a strong correlation between P/E multiples and organic growth. The rating changes reflect the sector's near-term outlook, with Suhr stating that meaningful outperformance and multiple expansion are unlikely in the near-term.