Nivo Slider posts from category

I’m using the nivo slider to create a featured post section on my site.

I’m using the following code to gather the posted from a category named “Featured”

<?php
global $post;
$args = array( 'cat' => 3 ,'numberposts' => 5 );
$myposts = get_posts( $args );
foreach( $myposts as $post ) :	setup_postdata($post); ?>
<h3><a href="<?php the_permalink(); ?>"><?php the_title(); ?></a></h3>
<?php the_excerpt(); ?>
<?php endforeach; ?>
<?php  wp_reset_postdata(); ?>

This does not display correctly. This shows all the posts on a single slide and creates 5 slides for the nivo slider.

If i change the code to:

<?php
global $post;
$args = array( 'cat' => 3 ,'numberposts' => 5 );
$myposts = get_posts( $args );
foreach( $myposts as $post ) :	setup_postdata($post); ?>
<a href="<?php the_permalink(); ?>"><?php the_title(); ?></a>
<?php endforeach; ?>
<?php  wp_reset_postdata(); ?>

Then it shows the proper number of slides and shows one post per slide.

I assume my problem lies within the extra elements added of <h3></h3> and <?php the_excerpt(); ?>

The end result would have a single post per slide to display the title, the excerpt, and the featured image of each post along with a button/link to the full post.

Any help achieving this would be greatly appreciated! TIA