Payments winners need pricing power, tech edge in 2026, says J.P. Morgan
J.P. Morgan prefers shares of payment and fintech companies with pricing power, strong incremental margins, and front book velocity for 2026
"2026 feels like a show-me execution year and an investment year in new initiatives and tech, so a lot can go right, but a lot can disappoint too" - JPM
AI-driven commerce may lift sentiment for payment names; best exposure is through networks like Mastercard MA.N and Visa V.N, while PayPal PYPL.O has the most to prove - JPM
Visa V.N is brokerage's top pick for next year
Lending is likely here to stay, and if performance holds, stocks like Block Inc XYZ.N, Chime Financial CHYM.O, and Klarna Group KLAR.N could see meaningful share gains - JPM
JPM upgrades payments company Toast TOST.N to "overweight" from "neutral" on expectation of strong growth
Brokerage downgrades PayPal and Fiserv FISV.O to "neutral" from "overweight", saying valuation concerns persist
Shares of Toast rise 2.4%; PayPal down 1.1% and Fiserv marginally down premarket
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