Payments, Processors, and IT Services: When Resilience Matters Who Can Withstand the COVID-19 Shock? FISV, FIS, GPN: When Will the Market Realize These Stocks Are Quality Compounders? Senior analysts Moffett, Nathanson and Ellis have each repeatedly been ranked the #1 analyst in their respective sectors by the Institutional Investor All-America Research Team and other leading surveys of institutional investors. Implications of our Recent CIO Survey. GPN 3Q18: Do-Re-Mi Lets Start at the Very BeginningWhat is Revenue Growth and Is It Good? ADP, PAYX: In a World of Tech-Enabled HR Services, Do ADP & Paychex Win or Lose? Payments, Processors, and IT Services: As we close the door on 2019, and open the door on 2020 Square: GPV Growth, PoS Innovations, Direct Deposit Takeaways From Meetings with Squares CFO, Paychex 2Q20: Defying Sluggish Employment Growth, Management Solutions Growth Creeps Above 5%, Visa: RTP Strategy, New Payment Flows, Other Growth Horizons Takeaways From Meetings with Visas CFO, PayPal: Growing Scale and Engagement Takeaways From Breakfast with PayPals CEO, Payments: Top Trends and Recent Developments in 30 Slides, GPN, FISV, FIS: Issuer Processing The Wingman, Paychex: Building the New Paychex Takeaways from Lunch with Paychexs CEO, CFO, and Product Executives, Payments: Big Tech, Neobanks, and Many More Top Trends and Recent Developments in Payments, PayPal + Honey: You Can Catch More Flies, Accenture: Digital at Scale Takeaways from Breakfast with Accentures New CEO, Payments, Processors, and IT Services: 3Q19 Roundup - Top Sector Themes and Updated Stock Preferences, FB, PYPL, Square: Facebook Pay Good for Facebook, Good and Could Be Better for PayPal, Non-Event for Square, DXC 2Q20: Those Stubborn, Exasperating, Declining Revenues, Cognizant: Evolve, Not Fix Takeaways from Lunch with Cognizants CEO & CFO, Visa, Mastercard: De-Risking the Chinese Giants The Networks Strike New Partnerships with Alipay and WeChat Pay - November 11, 2019, Fiserv 3Q19: Nope, Not a Typo Merchant Acquiring is Growing 10%, Square 3Q19: A Little Painful to Get There, But So Much Better, FIS 3Q19: The All-Around Athlete in eComm, Square: Deliver-ance Square Completes the Sale of Caviar to DoorDash - November 4, 2019, GPN 3Q19: A Peek Around the Corner at the New Global Payments, Giving Apple Some Credit: The Apple Card, and What It Means for Verizon and AT&T - November 1, 2019, ADP 1Q20: Market-related or Idiosyncratic? ADP: The Long-Term Bull Case ADPs Unheralded Technology Leadership (Yes, Really), MA: Laying the Foundation for the Next 20 Years Mastercards Expansion into New Payment Flows, New Global Payments Completing the Trifecta, PYPL: The Bumpy Road to Greener Pastures - Navigating PayPal in 2020, Payments, Processors, & IT Services: Fall 2019 Sector Outlook (in 50 charts), Square: A Deep Dive The Bull Thesis in 30 Slides, SQ: Bye-bye Caviar, Hello Cash App. IBM: The Red Hat Strategy and Numbers Are In. Our Revenue Growth Outlook. DXCs New(est) Three-Year Outlook, Accenture: Seven Takeaways from our Fireside Chat with Accentures CTO during MNs 3rd Annual PPI Summit, Paychex: Six Takeaways From Our Fireside Chat With Paychexs CFO During MNs 3rd Annual PPI Summit, AXP: Six Takeaways From Our Fireside Chat With the President of Amexs Global Commercial Services Business, Fiserv: Six Takeaways From Our Fireside Chat With Fiservs CEO During MNs 3rd Annual PPI Summit, PayPal: Six Takeaways From Our Fireside Chat With PayPals CEO During MNs 3rd Annual PPI Summit, Mastercard: Seven Takeaways from our Fireside Chat with Mastercards CFO during MNs 3rd Annual PPI Summit, Visa: Eight Takeaways from our Fireside Chat with Visas CEO during MNs 3rd Annual PPI Summit, Coinbase 1Q21: Holy Uncertainty Our Forecasting Approach for Coinbase, FIS 1Q21: Merchant Solutions and the Mystery of Volumes, Yields, and Mix, Square 1Q21: Cash App Business A Peek into the Power of a Two-Sided Network. Upgrading to Buy. Competitive Landscape, IBM 3Q21: Our Takeaways from IBMs Recent Investor Briefing (And a Few Callouts on the Quarter). And Answers to Other Burning Questions about PayPal, LSPD, TOST, FOUR: The Profitability Promised Land, Payments, Processors, IT Services, Crypto and Fintech: Guns, Germs, and Inflation Our Updated Stock Picks in the Current Macro Environment, Payments, Processors, and IT Services: Highlights from MNs 4th Annual PPI Summit, DXC 4Q22: Inflation, Rising Rates, Geopolitical Conflict, and Declining Revenues Our Updated Valuation, Coinbase: The Phoenix Now That the Crypto Cycle Is Complete, Our Updated Outlook. FIS 3Q21: It Might Be Safe to Come Out From Under Your Desk, DXC 2Q22: Can Revenues Grow? Freshly Divorced from eBay, Now a Most Eligible SingleWho Might PayPal be Dating? And A Deep Dive into DXCs Competitive Position as Enterprises Transition to Cloud A Discussion with DXCs New CIO, Paychex: Bookings, Competition, New Payments Offerings, and the Recent Virus Surge A Discussion with Paychexs CEO and CFO, PayPal: Wallet Re-design, Buy-Now-Pay-Later, Cryptocurrencies, and More A Discussion with PayPals CEO, Fiserv: The Reports of My Death Are Greatly Exaggerated - Upgrading to Buy, TP = $145 - in 30 slides, Fiserv: The Reports of My Death Are Greatly Exaggerated - Upgrading to Buy, TP = $145, ADP: Competition During COVID-19, Bookings, Lifion, and More A Discussion with ADPs CEO and CFO, Cognizant: M&A, Pricing, FCF, Cultural Change and More a Discussion with Cognizants New CFO, Accenture: Digital Everything A Discussion with the Head of Accentures Industry X Practice, Payments, Processors, and IT Services: 3Q20 Roundup Updated Stock Preferences and Top Sector Themes, DXC 2Q21: A Moment We Have All Been Waiting For. GPN 3Q20: Racking and Stacking the Deal Stocks, Part 2, FIS 3Q20: Racking and Stacking the Deal Stocks, Part 1, Payments, Processors, and IT Services: Biden and the Democrats Implications for our Sector, IBM 3Q20: Tantalizing, Yet Elusive: The Mid-Single Digit Revenue Growth Target, Payments: Digital Wallet Wars in the COVID-19 Era New 1000+ Respondent Consumer Survey, Payments: The Land of Opportunity Spotlight on SMBs, IBM, DXC: IBMs Managed Infrastructure Services Spin A Healthy (If Arduous) Divorce, Paychex 1Q21: Gaining Share in a Fragile Market, Accenture 4Q20: Feels Like 1973 All Over Again, Payments, Processors, and IT Services: Better, or Worse (Than Expected)? Predicting Performance of the PEO, Mastercard 3Q19: Navigating eCommerce the Atropa Belladonna of Payments, Visa 4Q19: A Digital Wallet By Any Other Name Visas Strategy to Make Friends with FinTechs, PayPal 3Q19: Yes, It is (Really, Finally) Happening - An Investors Guide to the eBay Roll-off, Payments: One More Reason for PayPal to Diversify Click to Pay (the Unified Checkout Button) Launches, IBM 3Q19: Underwhelming and Complicated. Broadcast networks fall lineups and schedules, New and returning series on broadcast, cable and streaming, Series that made it or didnt make it in 2021-22, Signup for Breaking News Alerts & Newsletters, Get our latest storiesin the feed of your favorite networks. These cookies are used to collect information about how you interact with our website and allow us to remember you. Our Financial Technology Services Market Forecast, Payments: The Adyen Threat Takeaways From Adyens First Capital Markets Day, Fiserv + First Data: Easier Synergies, Harder Long-term Growth Our Revenue Outlook, FIS + Worldpay: 1+1=7.7%. MoffettNathanson is an independent research boutique that brings together two analysts who have been at the top of their respective sectors for most of the past decade. The Secular Drivers of HR Services, Payments: The Foundation of the Bull Thesis Why We Have 5+ More Years of Double-Digit Volume Growth. MoffettNathanson LLC is a next generation independent sell-side research boutique. DXC: Messy Yes, But Not That Messy Upgrading to Buy, TP = $30, PayPal: A Deep Dive - The Bull Thesis in 20 Charts, Visa and Mastercard: This Too Shall Pass. V, MA: New Three-Year Outlook Consumer Spending Worse than Expected, But V & MA Can Withstand It. PayPal + Pinterest: Peter Piper Picked a Peck of Pickled Peppers? AXP 4Q21: Have We Mentioned How Much We Love the Payment Networks in 2022? Double-Yes. Part 2: Dispelling the eComm Bears, Fiserv 4Q20: What Will Make the Deal Stocks Work Again? And we will begin immediately to collaborate with SVB to significantly expand what we can deliver, further positioning us as the preferred partner to our clients.. Deciphering Market Shares in HR Services, IT Services and Processors 2019: For Some, Surprisingly BAU. Accenture 1Q19: As We Enter 2019, Will Secular Dominance Outweigh Cyclical Softness? Reiterate Buy, TP = $200, Lightspeed 4Q22: Six Metrics to Watch in FY23, Payments: The Bull and the Bear in 71 Slides, Block Investor Day: What a Difference Five Years Makes, Block 1Q22: Unwavering The Outlook for Square, FIS 1Q22: The Double Uncertainty of Volumes and Yields Unpacking FISs U.S. Payments, Processors, and IT Services: 3Q18 Roundup Top Sector Themes and Updated Stock Preferences, DXC: Sooner Rather than Later, We Should Talk About Plan B, Square 3Q18: Time to Dust Off the Bull vs. Bear, Payments: A Peek into the Future of Payments Insights from Money20/20 2018. Can Cognizant Really Re-accelerate Revenue Growth? Looking AheadA Scorecard for IBMs Success in 2020. Payments, Processors, and IT Services: Blockchain and Cryptocurrencies State of the Industry, Cognizant 4Q18: Seeing Some Green Shoots, Raising Target Price to $80, FDC 4Q18: Dear Fiserv, Five Things To Get Right With First Data, Mastercard 4Q18: Why We Believe in 16% Revenue Growth, Visa 1Q19: Visa Direct The Next Big Thing, PYPL 4Q18: TPV Growth Primus inter pares B, ADP 2Q19: How Do All the Lines Point Up? Accenture 1Q22: Extraordinary Growth, What Valuation? Payments: Amazons Buy with Prime Disruptive or Dismissible? IBM: Can IBM (+Red Hat) Catch Up In Cloud? Square 4Q18: What Can Jump Start the Stock? GPNs U.S. The Incongruous Apple Card - most concerning to PayPal, Square, andAT&T/Verizon? Fintech: Down But Not Out - Initiating Coverage of the Fintech Sector [EXCERPT], FIS, FISV, WP, FDC: When You Come to a Fork in the Road, Take It. Initiating Coverage of FIS and Fiserv [EXCERPT], Payments 2019: You Are My Sunshine [EXCERPT], IT Services and Processors 2019: For Some, Surprisingly BAU. Cognizant 2Q20: How Excited Should We Be About 14% Bookings Growth? 'V' = Visa The Bull Thesis in 20 Slides, MA, V, PYPL: Meet the Payments MVPs. Copyright 2022 :::: MoffettNathanson LLC :::: All Rights Reserved. In. ADP 2Q20: Soft Bookings and PEO WSEs, Strong Retention How Doable is the Second Half of 2020? Worldpay 2Q18: How hard is $100M in revenue synergies with no Amazon or PayPal? V,MA,PYPL: Takeaways from MoffettNathansons Crypto & Blockchain Immersion (Part 1 of 2), Cognizant: New Three-Year Guidance, and Now Execution, Execution, Execution, Payments: BNPL Mania Our Perspective, in Charts, ADP: Margins, Next Gen HCM, Digital Banking Our Top Takeaways from the Investor Day, Mastercard: Identity, Installments, Acceptance, and Open Banking Our Favs From Investor Day, Coinbase 3Q21: Subscription & Services Is Up 41% QoQTime to Learn What It Is. FDC 3Q18: Dont Throw the Baby Out with the Bathwater, IBM+Red Hat: A Great Example of Why Turning Around IBM is So Damn Hard. Im proud to welcome [them] to SVB and continue to strengthen the capabilities of our investment banking practice.. Insight into the innovation economy is absolutely critical to understanding the sectors we cover, said founding partner Moffett. We want to hear from you! DXC 4Q19: Time for Plan B, Part 2 Sell IP & BPS, Buy More Digital? Cognizant 2Q19: Dear Brian, Six Metrics We Think Really Matter for Cognizant. PYPL 2Q21: PayPal Has 1/3 of U.S. Online Checkout, Competition from Other Buttons, Yet Just Raised TPV Growth Guidance to 33-35%How? I am incredibly proud of the firms success and momentum, which has enabled us to accelerate the addition of tech equity research and to attract the highly regarded MoffettNathanson team, said Jeff Leerink, CEO of SVB Leerink. Upgrading to Buy. FIS 2Q20: A Large Market and an Advantaged Competitive Position - Is Acceleration in Banking Solutions Enough for the Stock to Work? Send us a tip using our annonymous form. Mastercard 2Q19: A New Partner Every Three Days, New FIS Another New Journey Begins - July 31, 2019, New Fiserv The Journey Begins - 07.29.2019, PayPal 2Q19: $10 B Burning a Hole in the Corporate Pocket Who PayPal Might Buy Next, Visa 3Q19: The Other Third Anniversary Visas Long Road Ahead in Europe, IBM 2Q19: Just. 2022 Deadline Hollywood, LLC. Implications of our Recent CIO Survey for DXC, Cognizant 4Q21: Can Cognizant Return to Double-Digit Growth? These cookies are used to collect information about how you interact with our website and allow us to remember you. PayPal 2Q20: How About 25% Growth in Core Checkout Again in 2021? In a note to clients this morning, the MoffettNathanson team said: The opportunity to combine SVBs unique top of the funnel relationships with entrepreneurs, and the world-class capabilities in capital markets and investment banking brought by Jason and his team, with the research capabilities of MoffettNathanson, is extraordinarily compelling.

This website stores cookies on your computer. (And Why Is It Good? MoffettNathanson, known for thoughtful coverage of high-growth, disruptive companies and trends in media, communications and technology, was one of the few remaining independent sell-side research outfits around offering paid advice to institutional investors but unaffiliated with a major investment banking operation. The firm has been a leader in the development of Wall Streets subscription-based payment model, which allows clients to manage their research budgets more effectively by paying only for the research they prefer. Payments: From Tidal Wave to Tsunami Our Proprietary eCommerce Forecast, Updated for COVID-19, Paychex COVID-19 Update: Green Shoots on Scorched Earth, Payments, Processors, and IT Services: 1Q20 Roundup - Top Sector Themes and Updated Stock Preferences, GPN 1Q20: Global Payments Will Be Fine, but This Recovery is Looking Slow and Painful, PayPal 1Q20: God Bless the Checkout Button, MA 1Q20: Terrible, Terrific, and Everything in Between, IT Services, HR Processors: Incorporating COVID-19 Our Revised 3-yr Forecasts and Stock Preferences. What an Expanded FB/PYPL Partnership Might Look Like (and Why Now), CTSH: Model update for the changes in non-GAAP adjustment methodology beginning in FY19, V, MA, PYPL: The Payments MVPs, Part 3. PYPL: The Button Wars PayPal Has 30%+ Share of U.S. Checkout and CountingHow High Can It Go? The Merchant Acquirer M&A Chessboard - Who is Next? Paychex 3Q20: The Oracle of Small Business U.S.A. Accenture 2Q20: A First Glimpse at the COVID-19 Impact. Mastercard 4Q21: A Top Pick for 2022, Our Scorecard for Success, Visa 1Q22: Our Top Pick for 2022, Our Scorecard for Success. Together, they bring almost fifty years of experience in media and telecommunications. This website stores cookies on your computer. Accenture 2Q19: A Peek Behind the Curtain How to Tell if an IT Services Firm is Good in Digital & Cloud, Paychex 3Q19: 6%+ Organic Revenue Growth!? GPN 2Q20: What to Make of the New AWS Partnership (and a Mini-Primer on Issuer Processing). Like IBM, DXC Has an Anchor Problem. Visa 2Q22: U.S. Growth How Long Can it Last? Instant Deposit and Caviar? MoffettNathanson acquired by SVB Financial Group, Name of the organization that made the acquisition, Total number of Crunchbase contacts associated with this organization, Total number of employee profiles an organization has on Crunchbase, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. PYPL, MA: Is PayPal Worth More than Mastercard? We use this information in order to improve and customize your browsing experience and for analytics and metrics about our visitors on this website. Payments, Processors, and IT Services: 2Q19 Roundup - Top Sector Themes and Updated Stock Preferences. IT Services, HR & Fintech Processors: New CIO Survey Results Indicate Remarkably Strong, Sustained Demand, Payments, Processors, and IT Services 2022: Fighting Back Against Fear, Uncertainty, and Doubt, Paychex 2Q22: Three Valuation Lenses for Paychex, Payments, Processors, and IT Services: As we (enthusiastically) close the door on 2021, and open the door to 2022. IT Services & Processors 2020: Hurry Up and Wait, PayPal + UnionPay: Inching Along in the Right Direction, IBM 4Q19: The More Things Change, the More They Stay the Same, IT Services: New CIO Survey Results Point to Stable IT Spending Outlook and Maturation of Cloud-Digital trend, Payments 2020: Fistfights on a Freight Train, Payments, Processors, and IT Services: Our Recent Downgrades of FIS, FISV, ACN, and ADP in 40 Slides, Payments, Processors, and IT Services: Taking a Breather - Downgrading FIS, FISV, ACN, and ADP, Accenture 1Q20: Simple Aint Easy Forecasting Accentures Revenue Growth. The Next Major Growth Driver for PayPal, Cognizant: Pedantic, Perhaps, But Oh So Valuable The Upside to Cognizants Free Cash Flow, Mastercard 4Q20: Enormous, Yet Elusive Mastercards Expansion into B2B Payments. Square 2Q19: Wherefore Art Thou, Cash App? Deadline is a part of Penske Media Corporation.

GPN 1Q21: The Pros and Cons of an Industry-specialized, SMB-focused Merchant Acquirer, Mastercard 1Q21: Revert or Converge? FISV 2Q20: How Are the Merchant Acquirers Faring Through the Pandemic? The firm has begun to expand beyond this original sector, recently adding Payments, Processors & IT Services to its research offerings.MoffettNathansons Senior Research Analysts (Craig Moffett, Michael Nathanson, and Lisa Ellis) have each consistently been ranked the #1 analyst in their respective sectors by the Institutional Investor All-American Research Team, as well as by other leading surveys of institutional investors.MoffettNathanson distributes its research through one of Wall Streets most experienced salesforces. FIS 4Q20: What Will Make the Deal Stocks Work Again? Visa 3Q20: Top Pick as Faster Cash Displacement and Visa Direct Accelerate Volume Growth to 15% in FY21, Payments: The Pandemic Rattles the Foundation of the Bull Thesis Our New 5-Year Industry Forecast, IBM 2Q20: Shaking off the Pandemic Nicely, But Kinda Wish The Really Profitable, Really Important Stuff was Doing a Bit Better, Payments, Processors, and IT Services: Attractive Valuations, Updated Stock Picks, the New Normal a Two-Year Anniversary Blog, ACN, IBM, DXC, CTSH, FIS, FISV: New CIO Survey Results Indicate Unexpected Resilience of Enterprise IT Spending During the COVID-19 Crisis, Payments: Beyond eCommerce, Contactless, and Digital Banks Ten Other Repercussions of the Pandemic, Paychex 4Q20: Unfortunately, It Is The Economy, Stupid, Square: The Digital Bank Dream - A Deep Dive into Squares Cash App; Raising TP to $120, Accenture 3Q20: Digital/Cloud Shift 1, Macroeconomic Environment 0, Payments: Takeaways from Discussions with the CFOs of American Express and Discover during MNs PPI Summit, DXC: Six Takeaways from our Fireside Chat with DXCs CEO during MNs 2nd Annual PPI Summit, Cognizant: Five Takeaways from our Fireside Chat with Cognizants CEO during MNs 2nd Annual PPI Summit, Paychex: Six Takeaways from our Fireside Chat with Paychexs CEO & CFO during MNs PPI Summit, Mastercard: Takeaways from Discussions with Mastercards President, NA, at MNs 2nd PPI Summit, Visa: Six Takeaways from our Fireside Chat with Visas CFO during MNs 2nd Annual PPI Summit, PayPal: Five Takeaways from our Fireside Chat with PayPals CEO during MNs 2nd Annual PPI Summit, New eCommerce Forecast and Checkout Button Data, Plus Highlights from our 2nd Annual PPI Summit (in 50 Slides). Together, we believe we can build what will be the leading investment bank for the innovation economy., We anticipate a seamless transition for our clients; we will continue to provide the same independent research, insights, and events you expect from MoffettNathanson. Now What? San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. A Mid-Quarter Check-in on the COVID-19 Recovery, V, MA: Oh, The Places Youll Go! Meanwhile, Cloud Growth is Decelerating. Active, Closed, Whether an Organization is for profit or non-profit, General contact email for the organization, Auto-generated name of transaction (e.g. A Fresh Look at the Payments M&A Chessboard, Payments, Processors, and IT Services: 2Q21 Roundup Updated Stock Preferences and Top Sector Themes, Coinbase 2Q21: The IRS and SEC Are Coming for Crypto What it Means for Coinbase, Square + Afterpay: Our Merger Model, Raising TP to $340, FIS 2Q21: The Journey Back to 10% Growth in Merchant Solutions, Square + Afterpay: Advancing Toward the Holy Grail (A Scaled Two-Sided Network), Mastercard 2Q21: Credit Recovery, International Share Gains = 15% Volume Growth in 2022, 11-12% Beyond, ADP 4Q21: Roll by ADP Getting In On the Ground Floor.

Subscribe to Deadline Breaking News Alerts and keep your inbox happy. DXC: Hitting the Reset Button At What Point Does it Become an Attractive Investment? MoffettNathanson LLC, the New York-based Wall Street research firm led by star financial analysts Craig Moffett and Michael Nathanson, has been acquired by SVB Financial, a holding based in Santa Clara and parent of Silicon Valley Bank. View contacts for MoffettNathanson to access new leads and connect with decision-makers. Forecasting Organic Revenue Growth for the Merchant Acquirers, Payments Chart of the Quarter: Hang on to those stocks Payments growth is accelerating. Copyright 2022 :::: MoffettNathanson LLC :::: All Rights Reserved. A combination of regulatory and competitive forces is leading to the rapid dissolution of trading as the primary means of payment for research service. And in Need of a Leader. V, MA, FIS, FISV: B2B Payments Big? GPN 2Q18: Global Payments Software Strategy is Certainly Different, Jurys Out on Whether Its Better. - October 2, 2019, Accenture 4Q19: The Final Worry Macroeconomic Exposure. GPN 4Q18: Looking Beyond 2019 - Where Does Global Payments Fit on the Merchant Acquiring Chessboard? MoffettNathanson is an independent research boutique. For Others, All About Plan B, First Data + Fiserv: Why Fiserv Investors Just Got a Really Good Deal, IT Services: New CIO Survey Results Show A Positive 2019 Outlook For Overall IT and IT Services Spending, Worldpay: From Very Good to Great. Try Visa Direct. AXP 3Q21: How Much Gas is Left in the Tank? The Valuation Question, Accenture 2Q22: The Question of the Durability of Growth, AXP Investor Day: Never Let a Good Crisis Go to Waste, PayPal: The Bad News, the Good News, and Our Perspective on the Path Forward, Payments, Processors, and IT Services: 4Q21 Roundup Updated Stock Preferences and Top Sector Themes, Block 4Q21: A Spotlight on Afterpay, the Newest Member of the Block Family, Coinbase 4Q21: The Crypto Bowl Spotlight on Coinbases Competitive Position, GPN 4Q21: Persistent Divergence The Quandary of Merchant Solutions Revenues and Volumes, IBM: Model and Forecast Update to Reflect Revised Segment Reporting (ex-Kyndryl), DXC 3Q22: Can Revenues Grow? Block: The Afterpay Aftermath Delight or Remorse? All Rights Reserved. PYPL 4Q21: The Great Reset is Here. M = Mastercard The Bull Thesis in 20 Slides, Visa, Mastercard: Revisiting the Stroke of the Pen Risk as Cross-Border Interchange Regulation Looms. SVB offers investment banking through SVB Leerink, private banking and wealth management with SVB Private Bank, and funds management and investment with SVB Capital. Cognizant 3Q20: Why Are Bookings Growing 15%, Yet Revenues Are Still Flat? ), Visa: Visa Direct, Cryptocurrencies, the Travel Recovery, Europe, and More A Discussion with Visas President and CFO, AXP: Per Angusta Ad Augusta - Initiating Coverage of American Express at Buy, TP = $155, DXC: Why Join DXC?

Paychex 1Q20: Strikingly Sunny SkiesDo They Stay Sunny Through a Macro Downturn? Payments: If You Only Watch 8 Things in 3Q18 Earnings It was the best of times, it was the worst of times Initiating coverage of IT Services and Processors. Visa 3Q18 and Mastercard 2Q18: Is Mastercard Really Suddenly Better? ADP 2Q21: Cautious Optimism - The Promise of a Labor Recovery, IBM 4Q20: The Slippery Slope of Declining Free Cash Flow (and a Hefty Dividend), PayPal: The Boon of Bitcoin and BNPL Raising TP to $300, Visa Plaid: Unsurprising, but Disappointing, The Atos Bid If More Than $10 B Means $11.5-$12 B, That Could Be Interesting, Payments, Processors, and IT Services 2021: No Rest For the Weary, Paychex 2Q21: A Gem Regains Its Luster Our Outlook for the PEO, Payments, Processors, and IT Services: As we close the door on 2020, and open the door on 2021, Accenture 1Q21: Remind Me Again, What Exactly Do They Do? Part 1: The SMB Recovery, FIS: Model Update to Reflect Latest Macroeconomic Conditions, DXC 3Q21: First Atos, Next IBM NewCo? Payments: The Tidal Wave Our Proprietary eCommerce Forecast and Implications for the Payments Sector, The Libra Litmus Test Can Facebook Keep Visa, Mastercard, and PayPal on Board? SVB Leerink is led by co-head of Investment Banking and Global Head of Tech Investment Banking Jason Auerbach, and includes 50 bankers with significant M&A and capital markets experience. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. Worldpay 1Q19: Dear FIS, Theres Upside to Standalone Worldpay (In Addition to the Revenue Synergies), Square 1Q19: Demystifying Subscription & Services, Mastercard 1Q19: Investing for the Future A Peek Into the Next Horizon of Growth, FDC 1Q19: Fiserv, Please Handle With Care, FISV-FDC and FIS-WP: Is the Answer Always 4%? FIS, FISV, WP, FDC: When You Come to a Fork in the Road, Take It. Initiating Coverage of FIS and Fiserv, Payments, Processors, and IT Services: 1Q19 Roundup - Top Sector Themes and Updated Stock Preferences, FB, V, MA, PYPL: Facebooks Cryptocurrency Project Libra How it Could Matter, ADP: A Deep Dive - The Bull Thesis in 20 Slides, IBM: A Deep Dive The Bear Thesis in 20 Slides. PayPal 2Q18: Stand Tall, Checkout Button! We Think Yes. PYPL 1Q22: Can Doing Fewer Things, Better Sustain Mid-Teens Revenue growth? AXP 1Q22: Not So Transitory The Impact of Inflation on Amex, Toast: The Elusive Rewards of International Expansion, Payments: The Year of Travel, Inflation, and Omnichannel Our 2022 Proprietary eCommerce Forecast, Fintech: The Fintech Sector Initiation in 80 Slides, Payments: The End of Cash/Checks in the U.S.? DXC: Wait it out.

WP, SQ, GPN, FDC: Regulatory tremors in the UK, Agree or disagree? Please contact your salesperson for access. SVBs deep relationships with the worlds leading innovators will not only bring our clients unique opportunities to participate in the value creation cycle of earlier-stage growth companies, they will also provide our analysts with unique insights into the competitive forces that will shape the destinies of the largest companies in our coverage universe., The MoffettNathanson team has built an incredible reputation as a leader in equity research, said SVB Financial CEO Greg Becker.