Nomura Securities on U.S. Payments: Looking for High Single Digit, Low Double Digit Purchase Volume Growth
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Rating Summary:
10 Buy, 9 Hold, 1 Sell
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Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
10 Buy, 9 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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Nomura Securities on U.S. Payments: Quarterly Spend Volume Monitor
Looking for High Single Digit, Low Double Digit Purchase Volume Growth
Analyst, Bill Carcache, said, "We’ve identified the economic variables with the greatest predictive value for debit, credit, and total purchase volumes for the payment networks. We incorporate these variables into regressions to forecast what they’re telling us about Visa and MasterCard volumes for the December quarter. Although the overall U.S. macro data we’ve seen this quarter point to solid double-digit volume growth for MasterCard, we’re maintaining our 13.9% purchase volume growth forecast for the quarter. Overall, our analysis points to high single digit volume growth for Visa. We continue to believe our 9.8% purchase volume growth expectation for the quarter is appropriate and are leaving it unchanged. Our 1Q12 Visa (NYSE: V) estimate of $1.46 and our 4Q11 MasterCard (NYSE: MA) estimate of $3.96 are both largely in line with consensus."
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Looking for High Single Digit, Low Double Digit Purchase Volume Growth
Analyst, Bill Carcache, said, "We’ve identified the economic variables with the greatest predictive value for debit, credit, and total purchase volumes for the payment networks. We incorporate these variables into regressions to forecast what they’re telling us about Visa and MasterCard volumes for the December quarter. Although the overall U.S. macro data we’ve seen this quarter point to solid double-digit volume growth for MasterCard, we’re maintaining our 13.9% purchase volume growth forecast for the quarter. Overall, our analysis points to high single digit volume growth for Visa. We continue to believe our 9.8% purchase volume growth expectation for the quarter is appropriate and are leaving it unchanged. Our 1Q12 Visa (NYSE: V) estimate of $1.46 and our 4Q11 MasterCard (NYSE: MA) estimate of $3.96 are both largely in line with consensus."
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