Analyst Note| Brett Horn, CFA |
Fiserv reported a solid second quarter with better-than-expected growth. Overall year-over-year organic revenue growth for the quarter was 12%, a level that is well ahead of our long-term expectations. We continue to believe that the shares are undervalued and that the market is underestimating the company's long-term growth prospects. We see this quarter as an additional data point to support our view and will maintain our $129 fair value estimate and narrow moat rating.