MoffettNathanson analyst Lisa Ellis downgraded Fiserv to Neutral from Buy as part of a broader research note on the payments, processors and IT services sector. For Fiserv, Ellis says that she views the stock as a core long-term holdings, but expects stock performance to moderate in 2020 as it digests in 2019 merger with First Data. Ellis says she believes outperformance on cost synergies is already embedded in expectations and sees limited upside to revenue growth expectations for 2020 as well as limited upside to valuation in the near-term. She does not think the "breather" period will last long, she adds.