JPMorgan released a note saying they expect 2026 to be a reset year for fintech and payments stocks. They are shifting focus to companies with strong pricing power and margins while avoiding turnarounds. Visa is their top pick. Analysts point to its valuation being at a 10-year low relative to the S&P 500 and potential upside from tokenization. They also upgraded Toast to Overweight, noting the stock is down 6% this year even though earnings estimates have gone up significantly. On the bearish side, they downgraded PayPal and Fiserv to Neutral. The bank said it's "too late to sell and too early to buy" these turnaround stories.