Raymond James indicated that FIServ shares now trade at fair value given the slower revenue momentum, suggesting limited upside until growth reaccelerates. The downgrade reflects what the firm described as a significant deceleration in FIServ’s organic growth, signaling slower expansion across its merchant and financial institution segments. Raymond James cut FIServ’s rating to Market Perform from Outperform and removed its price target, marking a shift in outlook for the payments firm.