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Visa Shares Pop on Ratings, Price Projection Changes
Visa (NYSE:V) shares charged out of the blocks Friday, as various ratings agencies hiked their assessments of the stock. Raymond James analyst John Davis raised the price target to $281 from $265 (36.3% upside) and maintained an Outperform rating.
Visa's Q1 print included better than expected results across the board as well as an increased FY22 outlook that should send estimates high
The analyst believes the updated guidance is 'overly' conservative.
Morgan Stanley analyst James Faucette raised the price target to $283 from $280 (37.3% upside) and reiterated an Overweight ratng.
Faucette is encouraged by management's confidence in pulling forward assumptions around cross-border travel, which they now expect to return to 2019 levels by year-end 2022 versus their previous expectation for mid-2023.
A faster travel recovery and faster cross-border e-commerce growth combine to improve Visa's prospects for faster revenue and EPS growth.
Piper Sandler analyst raised the price target to $283 from $275.
Baird analyst David Koning lowered the price target to $290 from $305 (40.7% upside) and reiterated an Outperform rating.
The analyst said he likes the stock and views the valuation as compelling at ~25X C2023E EPS given EPS growth is likely 15%+ for the next several years and nicely above S&P.
Wedbush analyst bumped up the price target to $270 from $240 (31% upside).
V shares traded higher by $13.28, or 6.4%, at $219.43 first thing Friday.
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