Activist investor Jana Partners is reportedly urging Fiserv (NYSE: FISV) to dramatically expand its cost-cutting program and partner with Palantir to accelerate its technology overhaul.

According to a Reuters report, Jana Partners sent a letter to Fiserv’s management outlining demands for faster and deeper structural changes across the business.

Jana wants Fiserv’s earmarked $500 million in cost savings by 2029 to more than double to $1.25 billion, a target the firm considers more appropriate given current performance pressures.

The activist investor also wants management to reveal more aggressive financial targets when Fiserv reports its third-quarter earnings results later this year.

Jana’s letter reportedly highlighted that “serial mis-forecasting and guidance reductions” from Fiserv could trigger greater risk and that the board would be better off aiming for higher targets.

The firm also believes that working with Palantir could help Fiserv streamline its technology, pay down technology debt, and rationalize spending from legacy vendors.

Neither Fiserv nor Jana Partners responded to Reuters’ requests for comment, according to the report.

This latest push follows Jana’s earlier call for Fiserv’s management and board to launch a formal review of the entire company, rather than pursuing a piecemeal asset sale strategy.

Earlier this year, Takis Georgakopoulos stepped in as CEO of Fiserv and, at a recent conference, said the company was launching a review of its businesses and could make further divestments.

In July, reports claimed Fiserv was considering selling its payments infrastructure business, a move Jana welcomed at the time.

Shares of FISV are down more than 13% so far in September, marking the stock’s worst monthly decline since October 2025, as the company struggles with reduced financial forecasts, contracting profit margins, and major leadership shake-ups.

B. Riley slashed Fiserv’s price target to $51 from $66 and maintained a “Neutral” rating on the shares, according to The Fly, though the revised target still implies nearly 11% upside from its last close.

The brokerage said Fiserv faces a difficult path back to double-digit earnings-per-share growth, with the first half of 2026 weighed down by tough comparisons to one-time revenue from 2025 and strategic investments intended to support stronger growth in 2027.

According to Koyfin, Fiserv stock carries a 12-month average price target of $59.77, implying nearly 30% upside from its last close, based on coverage from 35 analysts.

Of those 35 analysts, seven hold a “Buy” or higher rating, 26 carry a “Hold” rating, and the remainder have a “Sell” or lower rating on the shares.

On Stocktwits, retail sentiment around FISV dipped from “neutral” to “bearish” over a 24-hour period amid “high” message volumes, reflecting growing unease among individual investors.

One Stocktwits user posted, “$FISV Definitely some kind of manipulation going on here. It just makes no sense that everyday this stock drops at market opening and then spends the rest of the day going back to where it started.”

Another user added, “$FISV AI agents going rogue here apparently I think. Lot of panic I believe.”

FISV stock is down nearly 30% in 2026, making it one of the more notable underperformers in the financial technology sector this year.