comments from federal reserve chairman jerome powell at the central banks annual symposium in jackson hole wyoming could put a damper on some fintech stocks going forward according to wells fargo analyst jeff cantwell downgraded shares of fidelity national information services and marqeta to underweight citing growth fears for the sector in the months ahead we expect the pain mr powell and the fed see as required to drive inflation down to 2 and then remain there will negatively impact future growth in consumer and business spend going forward thereby impeding revenue and earnings generation within our fintech coverage cantwell wrote the downgrades from wells fargo comes as markets anticipate a more hawkish federal reserve ahead with another big hike expected when the central bank convenes later this month powell said in august that he expects the central bank to continue hiking interest rates in order to bring inflation back down to its 2 goal which could cause some pain to the us economy ahead the central banks continued aggressive approach to taming inflation means rates could stay higher for longer which will impact profitability for fintech stocks cantwell noted he said that the bank anticipates a 140 basispoint headwind to revenue growth over the next 12 months across its coverage more directly for fintech we see the stance taken by the fed negatively impacting employment and consumer spending as well as business spending and by extension this would impact payment volumes and revenue for fintech companies he said among his reasons for downgrading fidelity national information services cantwell cited a muted outlook for earnings per share growth next year and a slowdown in both merchant and banking revenue growth he cited consistent changes to marqetas management team since its ipo and slowing growth among the reasons for the sentiment shift we see other companies like flyw and tost growing their toplines faster next year and beyond while also demonstrating better profitability than marqeta he wrote wells fargo trimmed its price target on fidelity national to 88 a share which implies a 3 downside from wednesdays close the bank also adjusted its target on marqeta to 7 a share meaning shares could fall about 7 cnbcs michael bloom contributed reporting