Jefferies Reiterates Buy on Visa (V) Following 4Q
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Jefferies reiterated a Buy rating and $93.00 price target on Visa (NYSE: V) following the company's 4Q earnings report. Visa reported net revenue growth of 19.3%, in-line with guidance and 60bps better than the Street, benefiting from a modest beat in gross revenues and slightly lower than modeled rebates and incentives.
Analyst Jason Kupferberg commented, "V’s F4Q results were a little better than plan, and initial F17 guidance looks good enough, albeit slightly below consensus, largely due to FX. We are encouraged that tailwinds are in place entering F17 (Visa Europe cost synergies, improved cross-border trends, and the Costco/USAA portfolios). Though V still sees a generally sluggish global economic environment (ie, Europe/Brexit), there are some signs of improvement in oil-linked geographies. Maintain Buy."
Shares of Visa closed at $83.17 yesterday.
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