The two companies engage in merchant processing and also provide infrastructure to banks. Analysts weighed in recently to say the selloff for the duo seemed like an overreaction given the companies’ exposure.

Mizuho’s Dan Dolev chimed in on Fiserv, saying in a Monday afternoon note that he saw “minimal” Silicon Valley Bank exposure for the company.

“Moreover, regional banks are not a big source of revenue, and tend to be more license vs. recurring,” he noted.

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Barclays analyst Ramsey El-Assal took a similar view.

“Silicon Valley Bank and Signature Bank exposure is likely immaterial” to Fiserv, he wrote Tuesday. “While Silicon Valley Bank is a core client of FISV, we believe that its revenue contribution is quite small. Our further prediction is that the Silicon Valley Bank failure will have no impact on FISV’s current growth outlook.”

He said that Fiserv’s “vast, diversified customer base provides protection.”

El-Assal likewise saw only “very modest” potential impacts to FIS.

“FIS exposure to stressed regional banks looks minimal, and contract structures provide an offset,” El-Assal wrote. “First, we note that while the now-defunct Signature Bank is a core processing customer, it is our belief that FIS will likely continue to receive payments based on the number of core accounts (rather than based on balances), despite the bank entering receivership (this would, in fact, be true for any failed bank).”

Bernstein’s Harshita Rawat wrote that between the two, “FIS has far greater exposure to regional banks” as Fiserv’s “core [customers] tend to be smaller banks, community banks and credit unions” while “FIS, on the other hand, operates more in the larger (regional) bank space.”

She added that “although the bank situation is a bit uncertain at this point and FIS is exposed to regional banks,” FIS trades at a nine-times multiple of price to earnings, and a sum-of-the-parts valuation “shows upside.” She and her team are “watching for hints of numbers stabilization and execution by management before we would consider getting more constructive.”