Fiserv Raises Annual Profit Forecast After Strong Q3

Fiserv has raised its annual profit forecast following strong consumer spending, reporting adjusted earnings of $2.30 per share that exceeded expectations. Despite taking a $570 million impairment charge related to its Wells Fargo Merchant Services stake, the company demonstrated resilience in the face of high interest rates, with quarterly revenue hitting $5.22 billion. Analysts view Fiserv's performance as a barometer for consumer financial health, reflecting solid spending trends, although there are indications of a pullback in non-essential purchases. The company anticipates 2024 earnings per share to range between $8.73 and $8.80, up from previous estimates. Fiserv's stock has surged 48% this year, outperforming the S&P 500 financials index. Research firms have responded positively, with several raising their price targets and ratings for the stock.