Fiserv slides as Clover growth forecast disappoints

Shares of payments firm Fiserv FI.N plunge as much as 15.8%; last down 12.6% at $165.95

Clover volume growth expected to be relatively stable in Q2, vs Q1 - says Fiserv CFO Bob Hau, at a J.P.Morgan conference in Boston

Clover is FI's cloud-based, point-of-sale and business management platform

Management's expectations on Clover volume growth drove stock pressure - JPM analyst Tien-tsin Huang

Clover has been a key focus area for investors after growth slowed down to 8% in Q1 from 14% in Q4 2024

FI in April attributed Q1 growth slowdown to a number of factors, including difficult comparisons against gateway conversion and spending slowdown in Canada, Clover's largest international market

Thirty-one of 36 brokerages rate the stock "buy" or higher, three "hold" and two "sell" or lower; with a median PT of $236, according to data compiled by LSEG

As of last close, FI stock down 7.6% YTD