2025-06-10-Jefferies-邀请_商家对支付的观点；美国东部时间6月12日周四上午11点_6页_80kb

Merchant Payments & Technology Equity Research Summary

Event Announcement

• Date: Thursday, June 12th
• Time: 11:00 AM ET (8:00 AM PT)
• Topic: Merchant Viewpoint on Payments
• Key Participants:
  • Bryan Penny, VP, Operations at Merchant Advisory Group; former head of payments at Nordstrom with experience in cobranded credit cards and payment innovation.

Analyst Coverage

• Analysts:
  • Trevor Williams: Equity Analyst
  • Alexander Glockner: Equity Associate

Valuation/Ratings Methodology

• Equity Research ratings (Buy, Hold, Underperform) are based on market capitalization, maturity, growth/value, volatility, and expected total return over the next 12 months.
• Price Targets: Utilize a range of models including DCF, EBITDA, EPS, EV/EBITDA, P/E, etc.
• Jefferies Franchise Picks: Announced stock selections from the analysts’ recommended buys, under specific release and monitoring conditions.

Key Recommendations (Selected Companies)

• Mastercard (MA): BUY
• Visa (V): BUY
• Fiserv (FI): HOLD
• Fidelity National Information Services (FIS): HOLD
• Global Payments (GPN): HOLD
• PayPal (PYPL): HOLD

Important Analyst Disclsoure

• Stephen DeSanctis has a position in Visa’s common stock.
• Spencer James Edward holds an equity position in Fiserv.

Risk Considerations

• This report does not constitute personalized investment advice.
• Conflicts of Interest: Jefferies may receive compensation from entities mentioned.
• Volatility and Market Risks: Stock performance depends on numerous factors beyond the scope of this report.