GPN/ FISV/ FIS 3Q26 Preview – Seeing Renewed Interest

This report previews 3Q26 results for U.S. fintech services companies Global Payments (GPN), Fiserv (FISV), and Fidelity National Information Services (FIS). Citi sees renewed investor interest in acquirers/processors given low valuations and high recurring revenue, with the debate having shifted from the 3Q print to the quality of the 4Q exit rate. Citi maintains Buy on GPN with a $120 target price, expecting normalized adjusted net revenue growth to accelerate to 4%+ in 3Q26 and slightly further in 4Q26, supported by about $2B of capital return in 2026 and $4B in FY27. It maintains Neutral on FISV and FIS and lowers their target prices to $53 and $39, respectively, on lower peer multiples. For FISV, 3Q26 is expected to be the last difficult comparison before growth normalizes;