Oppenheimer Reiterates Outperform on Visa (V) Following Solid 4Q Report
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Oppenheimer reiterated an Outperform rating and $90.00 price target on Visa (NYSE: V) following the company's 4Q earnings report. 4Q EPS rose 27% Y/Y to $0.78, ahead of the Street's 0.73 estimates. Net revenue grew 19% Y/Y to $4.26B vs. $4.25B estimates. V's newly issued FY17 guide calls for 17-19.5% CC net revenue growth and nominal EPS growth in the mid-teens including 1.5-2pts of FX headwind.
Analyst Glenn Greene commented, "Visa reported solid 4QFY16 results as net revenue grew 19% Y/Y or 22% FXadjusted (perhaps 6% organic) to $4.26B (vs. our/Street's $4.25/4.24B estimates). EPS of $0.78 comfortably beat our/Street's $0.74/0.73 estimates with ~$0.03 benefit from a low tax rate. 4Q results included a full-quarter operating contribution from Visa Europe. Notably, V issued its FY17 outlook, which calls for 17-19.5% CC net revenue growth (with 1-1.5pts of FX headwinds) and mid-teens nominal EPS growth including 1.5-2pts of FX headwinds; overall directionally in line with our expectations but modestly shy of consensus. October volume growth broadly accelerated relative to 4Q levels. We reiterate our Outperform rating and $90 price target."
Shares of Visa closed at $83.17 yesterday.
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