JPMorgan Downgrades Fiserv and PayPal, Bets on Toast for 2026 Growth

Thursday, Dec 4, 2025 2:26 pm ET1min read

JPMorgan is downgrading Fiserv and PayPal to Neutral, citing a challenging year for payments stocks. The bank sees growth slowing and competition increasing, with new bets like lending yet to prove their value. JPMorgan is instead betting on Toast, citing its strong earnings estimates and Rule of 54% as signs of growth and profitability alignment.

JPMorgan Downgrades Fiserv and PayPal, Bets on Toast for 2026 Growth

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