| Research Excerpts
| Date |
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FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv [EXCERPT]
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May 21, 2019
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Payments 2019: You Are My Sunshine [EXCERPT]
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Jan 17, 2019
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IT Services and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B [EXCERPT]
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Jan 17, 2019
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“It was the best of times, it was the worst of times…” Initiating coverage of IT Services and Processors [EXCERPT]
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Oct 4, 2018
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“Shall I compare thee to a summer’s day?” Initiating coverage of the Payments sector [EXCERPT]
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Jul 11, 2018
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Title
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Date
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Visa + Plaid: A Rare Beast
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Jan 16, 2020
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Payments 2020: Fistfights on a Freight Train
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Jan 14, 2020
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Payments, Processors, and IT Services: Our Recent Downgrades of FIS, FISV, ACN, and ADP in 40 Slides
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Jan 10, 2020
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Payments, Processors, and IT Services: Taking a Breather - Downgrading FIS, FISV, ACN, and ADP
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Jan 7, 2020
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Accenture 1Q20: Simple Ain’t Easy – Forecasting Accenture’s Revenue Growth
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Dec 20, 2019
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Payments, Processors, and IT Services: As we close the door on 2019, and open the door on 2020...
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Dec 20, 2019
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Square: GPV Growth, PoS Innovations, Direct Deposit – Takeaways From Meetings with Square’s CFO
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Dec 19, 2019
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Paychex 2Q20: Defying Sluggish Employment Growth, Management Solutions Growth Creeps Above 5%
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Dec 19, 2019
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Visa: RTP Strategy, New Payment Flows, Other Growth Horizons – Takeaways From Meetings with Visa’s CFO
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Dec 18, 2019
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PayPal: Growing Scale and Engagement – Takeaways From Breakfast with PayPal’s CEO
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Dec 16, 2019
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Payments: Top Trends and Recent Developments in 30 Slides
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Dec 11, 2019
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GPN, FISV, FIS: Issuer Processing – The Wingman
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Dec 9, 2019
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Paychex: Building the New Paychex – Takeaways from Lunch with Paychex’s CEO, CFO, and Product Executives
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Dec 4, 2019
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Payments: Big Tech, Neobanks, and Many More – Top Trends and Recent Developments in Payments
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Nov 25, 2019
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PayPal + Honey: You Can Catch More Flies…
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Nov 21, 2019
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Accenture: Digital at Scale – Takeaways from Breakfast with Accenture’s New CEO
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Nov 20, 2019
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Payments, Processors, and IT Services: 3Q19 Roundup - Top Sector Themes and Updated Stock Preferences
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Nov 15, 2019
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FB, PYPL, Square: Facebook Pay – Good for Facebook, Good and Could Be Better for PayPal, Non-Event for Square
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Nov 13, 2019
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DXC 2Q20: Those Stubborn, Exasperating, Declining Revenues
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Nov 12, 2019
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Cognizant: “Evolve, Not Fix” – Takeaways from Lunch with Cognizant’s CEO & CFO
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Nov 11, 2019
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Visa, Mastercard: De-Risking the Chinese Giants – The Networks Strike New Partnerships with Alipay and WeChat Pay - November 11, 2019
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Nov 11, 2019
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Square 3Q19: A Little Painful to Get There, But So… Much… Better
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Nov 7, 2019
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Fiserv 3Q19: Nope, Not a Typo – Merchant Acquiring is Growing 10%
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Nov 7, 2019
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FIS 3Q19: The All-Around Athlete in eComm
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Nov 6, 2019
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Square: Deliver-ance – Square Completes the Sale of Caviar to DoorDash - November 4, 2019
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Nov 4, 2019
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GPN 3Q19: A Peek Around the Corner at the New Global Payments
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Nov 1, 2019
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Giving Apple Some Credit: The Apple Card, and What It Means for Verizon and AT&T - November 1, 2019
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Nov 1, 2019
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ADP 1Q20: Market-related or Idiosyncratic? Predicting Performance of the PEO
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Oct 31, 2019
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Mastercard 3Q19: Navigating eCommerce – the Atropa Belladonna of Payments
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Oct 30, 2019
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Visa 4Q19: “A Digital Wallet By Any Other Name…” Visa’s Strategy to Make Friends with FinTechs
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Oct 25, 2019
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PayPal 3Q19: Yes, It is (Really, Finally) Happening - An Investor’s Guide to the eBay Roll-off
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Oct 24, 2019
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Payments: One More Reason for PayPal to Diversify – ‘Click to Pay’ (the Unified Checkout Button) Launches
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Oct 22, 2019
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IBM 3Q19: Underwhelming and Complicated. Looking Ahead…A Scorecard for IBM’s Success in 2020
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Oct 17, 2019
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ADP, PAYX: In a World of Tech-Enabled HR Services, Do ADP & Paychex Win or Lose?
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Oct 15, 2019
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Payments: eCommerce Deep Dive in 30 Slides
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Oct 11, 2019
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DXC: Hitting the Reset Button... At What Point Does it Become an Attractive Investment?
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Oct 8, 2019
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Paychex 1Q20: Strikingly Sunny Skies…Do They Stay Sunny Through a Macro Downturn?
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Oct 3, 2019
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Payments: The Tidal Wave – Our Proprietary eCommerce Forecast and Implications for the Payments Sector
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Oct 2, 2019
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The Libra Litmus Test – Can Facebook Keep Visa, Mastercard, and PayPal on Board? - October 2, 2019
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Oct 2, 2019
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Accenture 4Q19: The Final Worry – Macroeconomic Exposure
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Sep 27, 2019
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V, MA, FIS, FISV: B2B Payments – Big? Yes. Lots of Inertia? Double-Yes. And in Need of a Leader.
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Sep 26, 2019
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ADP: The Long-Term Bull Case – ADP’s Unheralded Technology Leadership (Yes, Really)
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Sep 23, 2019
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MA: Laying the Foundation for the Next 20 Years – Mastercard’s Expansion into New Payment Flows
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Sep 18, 2019
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New Global Payments – Completing the Trifecta
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Sep 18, 2019
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PYPL: The Bumpy Road to Greener Pastures - Navigating PayPal in 2020
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Sep 16, 2019
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Payments, Processors, & IT Services: Fall 2019 Sector Outlook (in 50 charts)
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Sep 9, 2019
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Square: A Deep Dive – The Bull Thesis in 30 Slides
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Sep 5, 2019
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SQ: Bye-bye Caviar, Hello Cash App. Upgrading to Buy
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Sep 3, 2019
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The Incongruous Apple Card - most concerning to PayPal, Square, and...AT&T/Verizon?
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Aug 21, 2019
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Payments, Processors, and IT Services: 2Q19 Roundup - Top Sector Themes and Updated Stock Preferences
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Aug 19, 2019
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DXC 1Q20: Plan B Just Got More Urgent. Can They Sell the Whole Damn Thing?
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Aug 9, 2019
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IBM: The Red Hat Strategy and Numbers Are In. Meanwhile, Cloud Growth is Decelerating. Now What?
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Aug 8, 2019
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FIS 2Q19: Off to the Races
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Aug 7, 2019
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Cognizant 2Q19: Dear Brian, Six Metrics We Think Really Matter for Cognizant
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Aug 2, 2019
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Square 2Q19: Wherefore Art Thou, Cash App?
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Aug 2, 2019
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ADP 4Q19: Seventy Down, A Few More to Go
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Aug 1, 2019
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Mastercard 2Q19: A New Partner Every Three Days
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Jul 31, 2019
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Global Payments 2Q19: Hurry Up and Wait
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Jul 31, 2019
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New FIS – Another New Journey Begins - July 31, 2019
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Jul 31, 2019
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New Fiserv – The Journey Begins - 07.29.2019
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Jul 29, 2019
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Fiserv, First Data 2Q19: The Pre-Party
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Jul 26, 2019
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PayPal 2Q19: $10 B Burning a Hole in the Corporate Pocket – Who PayPal Might Buy Next
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Jul 25, 2019
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Visa 3Q19: The Other Third Anniversary – Visa’s Long Road Ahead in Europe
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Jul 24, 2019
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IBM 2Q19: Just. In. Time. Red Hat Enters, as Cloud Growth Sputters
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Jul 18, 2019
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FB, V, MA, PYPL: Libra, Libra, Libra – Answers to Your Top 25 FAQs
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Jul 16, 2019
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GPN + TSYS: The New Global Payments – “Third is the one with the…?”
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Jul 12, 2019
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SQ, PYPL: Is it Worth 40% of Valuation? A Deep Dive into Square’s Cash App
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Jul 8, 2019
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ACN 3Q19: 31 Deals in 18 Months - Spotlight on M&A
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Jun 28, 2019
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Paychex 4Q19: Unriddling the PEO
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Jun 27, 2019
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Payments: Digital Wallet Wars Escalate – New 1000+ Respondent Consumer Survey on Usage of 14 Wallets
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Jun 20, 2019
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FB, V, MA, PYPL: Libra Unveiled – Big Day for Crypto, Nice-To-Have for FB, Important Experiment for Payments
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Jun 19, 2019
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Payments: Takeaways from Discussions with Stripe, REPAY, and Marqeta at MN's PPI Summit
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Jun 14, 2019
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Payments: Takeaways from Discussions with the CEOs of American Express and Discover at MN's PPI Summit
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Jun 12, 2019
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IT Services: Takeaways from Conversations with Cognizant's CFO and CGI's CEO at MN's PPI Summit
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Jun 11, 2019
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Paychex: Four Takeaways from our Fireside Chat with Paychex’s CFO during MN’s PPI Summit
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Jun 10, 2019
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Mastercard: Takeaways from Discussions with Mastercard’s President, NA at MN’s PPI Summit
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Jun 6, 2019
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Visa: Takeaways from Discussions with Visa’s CEO at MoffettNathanson's PPI Summit
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Jun 6, 2019
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PayPal: Six Takeaways from Discussions with PayPal’s CEO during MN’s PPI Summit
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Jun 5, 2019
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Global Payments + TSYS: A Positive (and Necessary) Stepping Stone
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May 29, 2019
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DXC 4Q19: Time for Plan B, Part 2… Sell IP & BPS, Buy More Digital?
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May 24, 2019
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FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv
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May 21, 2019
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Payments, Processors, and IT Services: 1Q19 Roundup - Top Sector Themes and Updated Stock Preferences
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May 14, 2019
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FB, V, MA, PYPL: Facebook’s Cryptocurrency Project Libra – How it Could Matter
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May 10, 2019
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ADP: A Deep Dive - The Bull Thesis in 20 Slides
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May 9, 2019
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IBM: A Deep Dive – The Bear Thesis in 20 Slides
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May 9, 2019
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Cognizant 1Q19: Gravity Prevails, Just as a New CEO Enters. Now What?
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May 8, 2019
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Global Payments 1Q19: Who Might They Buy Next?
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May 6, 2019
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Worldpay 1Q19: Dear FIS, There’s Upside to Standalone Worldpay (In Addition to the Revenue Synergies)
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May 3, 2019
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ADP 3Q19: Resilient
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May 2, 2019
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Square 1Q19: Demystifying Subscription & Services
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May 2, 2019
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Mastercard 1Q19: Investing for the Future – A Peek Into the Next Horizon of Growth
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May 1, 2019
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FDC 1Q19: Fiserv, Please Handle With Care
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May 1, 2019
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FISV-FDC and FIS-WP: Is the Answer Always 4%? Our Financial Technology Services Market Forecast
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Apr 29, 2019
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Visa 2Q19: Teflon
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Apr 25, 2019
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PayPal 1Q19: Climbing the Tree
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Apr 25, 2019
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Payments: The Adyen Threat – Takeaways From Adyen’s First Capital Markets Day
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Apr 18, 2019
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IBM 1Q19: Meh
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Apr 17, 2019
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Fiserv + First Data: Easier Synergies, Harder Long-term Growth – Our Revenue Outlook
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Apr 11, 2019
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FIS + Worldpay: 1+1=7.7%. Our Revenue Growth Outlook
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Apr 8, 2019
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The Merchant Acquirer M&A Chessboard - Who is Next?
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Apr 3, 2019
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Accenture 2Q19: A Peek Behind the Curtain – How to Tell if an IT Services Firm is Good in Digital & Cloud
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Mar 29, 2019
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Paychex 3Q19: 6%+ Organic Revenue Growth!? The Secular Drivers of HR Services
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Mar 28, 2019
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Payments: The Foundation of the Bull Thesis – Why We Have 5+ More Years of Double-Digit Volume Growth
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Mar 25, 2019
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IBM: Can IBM (+Red Hat) Catch Up In Cloud?
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Mar 22, 2019
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FIS + Worldpay: Bigger Now, Better Later
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Mar 19, 2019
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FB & PYPL Partner for Instagram Checkout - March 19, 2019
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Mar 19, 2019
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PayPal + MercadoLibre: A Base Hit, With Potential to be a Home Run
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Mar 12, 2019
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V, MA, PYPL: The Amazon Risk
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Mar 8, 2019
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Payments, Processors, and IT Services: 4Q18 Roundup – Top Sector Themes and Updated Stock Preferences
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Mar 5, 2019
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Square 4Q18: What Can Jump Start the Stock?
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Feb 28, 2019
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V, MA, PYPL: Not Imminent, but Worth Watching – the Risk of Disruption from Cryptocurrencies and Blockchain
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Feb 27, 2019
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Worldpay 4Q18: Playing Offense
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Feb 27, 2019
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Payments, Processors, and IT Services: Blockchain and Cryptocurrency Immersion Company Meeting Takeaways
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Feb 25, 2019
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GPN 4Q18: Looking Beyond 2019 - Where Does Global Payments Fit on the Merchant Acquiring Chessboard?
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Feb 14, 2019
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Payments, Processors, and IT Services: Blockchain and Cryptocurrencies – State of the Industry
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Feb 13, 2019
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DXC 3Q19: Tug-O-War
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Feb 8, 2019
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Cognizant 4Q18: Seeing Some Green Shoots, Raising Target Price to $80
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Feb 7, 2019
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FDC 4Q18: Dear Fiserv, Five Things To Get Right With First Data
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Feb 7, 2019
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Mastercard 4Q18: Why We Believe in 16% Revenue Growth
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Feb 1, 2019
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Visa 1Q19: Visa Direct – The Next Big Thing
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Feb 1, 2019
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ADP 2Q19: How Do All the Lines Point Up? Deciphering Market Shares in HR Services
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Jan 31, 2019
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PYPL 4Q18: TPV Growth – Primus inter pares B
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Jan 31, 2019
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IBM 4Q18: Pushing On a String
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Jan 23, 2019
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IT Services and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B
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Jan 16, 2019
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First Data + Fiserv: Why Fiserv Investors Just Got a Really Good Deal
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Jan 16, 2019
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IT Services: New CIO Survey Results Show A Positive 2019 Outlook For Overall IT and IT Services Spending
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Jan 14, 2019
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Payments 2019: You Are My Sunshine
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Jan 10, 2019
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DXC + Luxoft: Plan B, Part 1, Check.
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Jan 8, 2019
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Worldpay: From Very Good to Great. Upgrading to Buy
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Jan 7, 2019
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Accenture 1Q19: As We Enter 2019, Will Secular Dominance Outweigh Cyclical Softness?
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Dec 21, 2018
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Paychex 2Q19: Secular PEO and HR Services Growth Offsets a Sluggish Core
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Dec 20, 2018
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FB & PYPL - A Match Made in Heaven? What an Expanded FB/PYPL Partnership Might Look Like (and Why Now)
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Dec 13, 2018
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CTSH: Model update for the changes in non-GAAP adjustment methodology beginning in FY19
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Dec 11, 2018
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V, MA, PYPL: The Payments MVP’s, Part 3. 'P' = PayPal – The Bull Thesis in 20 Slides
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Dec 6, 2018
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V, MA, PYPL: The Payments MVP’s, Part 2. 'V' = Visa – The Bull Thesis in 20 Slides
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Dec 4, 2018
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Visa, Mastercard: The EC Cross-Border Interchange Settlement - We’ll Take It
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Dec 4, 2018
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MA, V, PYPL: Meet the Payments MVP’s. ‘M’ = Mastercard – The Bull Thesis in 20 Slides
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Nov 30, 2018
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Visa, Mastercard: Revisiting the “Stroke of the Pen” Risk as Cross-Border Interchange Regulation Looms
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Nov 27, 2018
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Can Cognizant Really Re-accelerate Revenue Growth?
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Nov 20, 2018
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Payments, Processors, and IT Services: 3Q18 Roundup – Top Sector Themes and Updated Stock Preferences
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Nov 16, 2018
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DXC: Sooner Rather than Later, We Should Talk About Plan B
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Nov 15, 2018
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WP 3Q18: In the Goldilocks Zone
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Nov 9, 2018
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Square 3Q18: Time to Dust Off the Bull vs. Bear
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Nov 8, 2018
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DXC 2Q19: The Anchor Drops
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Nov 7, 2018
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Payments: A Peek into the Future of Payments – Insights from Money20/20 2018
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Nov 6, 2018
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ADP 1Q19: Many Arrows in the Quiver
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Nov 1, 2018
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Cognizant 3Q18: On the Bubble
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Oct 31, 2018
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Mastercard 3Q18: Crushing it Abroad
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Oct 31, 2018
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GPN 3Q18: Do-Re-Mi – Let’s Start at the Very Beginning…What is Revenue Growth and Is It Good?
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Oct 31, 2018
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FDC 3Q18: Don’t Throw the Baby Out with the Bathwater
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Oct 30, 2018
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IBM+Red Hat: A Great Example of Why Turning Around IBM is So Damn Hard
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Oct 29, 2018
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Visa: Important, But Not Well Understood: What Drives Visa's Cross-Border Revenues?
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Oct 25, 2018
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DXC: Wait it out. Like IBM, DXC Has an “Anchor Problem”
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Oct 24, 2018
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Freshly Divorced from eBay, Now a Most Eligible Single…Who Might PayPal be Dating?
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Oct 19, 2018
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IBM 3Q18: An “Anchor” Problem
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Oct 17, 2018
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Payments: If You Only Watch 8 Things in 3Q18 Earnings...
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Oct 12, 2018
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“It was the best of times, it was the worst of times…” Initiating coverage of IT Services and Processors
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Oct 4, 2018
|
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PYPL: The Button Wars – PayPal Has 30%+ Share of U.S. Checkout and Counting...How High Can It Go?
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Sep 20, 2018
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MA, V, PYPL: Twelve takeaways from a half-day of management meetings at Mastercard
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Sep 11, 2018
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V, MA, PYPL: The Alipay Threat – Insights from Three Days Immersed with Ant Financial in Hangzhou, China
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Sep 6, 2018
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FDC, WP, GPN: Who is the Fairest of them All? Forecasting Organic Revenue Growth for the Merchant Acquirers
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Aug 29, 2018
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Payments Chart of the Quarter: Hang on to those stocks – Payments growth is accelerating
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Aug 15, 2018
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Worldpay 2Q18: How hard is $100M in revenue synergies with no Amazon or PayPal?
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Aug 10, 2018
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GPN 2Q18: Global Payments’ Software Strategy is Certainly Different, Jury’s Out on Whether It’s Better
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Aug 3, 2018
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Square 2Q18 Earnings: The Square Dream is... Instant Deposit and Caviar?
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Aug 2, 2018
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First Data 2Q18: One Small Step for NA GBS, One Giant Leap for the Turnaround Story
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Jul 31, 2018
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Visa 3Q18 and Mastercard 2Q18: Is Mastercard Really Suddenly Better?
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Jul 27, 2018
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PayPal 2Q18: Stand Tall, Checkout Button!
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Jul 26, 2018
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WP, SQ, GPN, FDC: Regulatory tremors in the UK
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Jul 25, 2018
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Agree or disagree? Payments coverage initiation FAQs, pushback, and sentiment
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Jul 23, 2018
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“Shall I compare thee to a summer’s day?” Initiating coverage of the Payments sector
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Jul 11, 2018
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