KeyBanc analyst Alex Markgraff upgraded Fiserv, Inc (NYSE: FI) to Overweight with a $160 price target. Most names in Markgraff’s payments and FinTech coverage universe are trading at multi-year trough multiples (five-year range), and a broader universe considering ~50 payments and FinTech stocks are trading at a ~25% discount to the near-decade Next Twelve Months (NTM) EV/R average (5.8x current) and a ~low single digit % premium to the near decade. NTM EV/EBITDA average (18.5x current). Current multiples reflect an improvement from 3Q23-end (1x EV/R and 3x EV/EBITDA improvement). The re-ratin…