UPDATE: JP Morgan Raises PT to $74 on Fiserv Following Q2 Results

JP Morgan reiterated its Neutral rating on Fiserv

following a miss for Q2 but raised its price target from $68 to $74 on the stock's defensive nature. JP Morgan noted, "Fiserv missed on 2Q revenue (170bps) and margins (flat yoy vs. JPMe +67bps), but made up for it below the line, while maintaining confidence in its outlook including macro stability. … While FISV growth is highly defensive (likely fueling YTD stock performance up 23% vs. S&P 500 up 10%), 2Q is a reminder that it is not immune to setbacks, so we expect the stock to take a breather on the miss. We rate shares Neutral, but like the stock as a defensive name in tech, and raise our PT to $74 (from $68) given the higher safety premium commanded YTD." Fiserv closed at $72.25 on Monday.