Visa (V) PT Raised to $97 at UBS on Solid Q4
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UBS analyst Ben Herbert reiterated a Buy rating and raised his price target on Visa (NYSE: V) to $97.00 (from $90.00) following solid Q4 results.
Herbert commented, "V reported F4Q16 adjusted EPS of $0.78, compared to our estimate of $0.72 and consensus of $0.73. Favorably, cross border volume picked up to 10% on a constant dollar basis, normalized for Europe, after averaging ~5% over the previous four quarters. F4Q16 marked the first double digit increase in cross border volume in two years. Additionally, through Oct. 21 cross border, adjusted for Europe, was up 11%. The U.S. continued to be a source of volume strength benefiting from Costco and USAA and e-commerce growth. Constant dollar total volume in the region increased to 10% in F4Q16 from 9% in F3Q16."
Shares of Visa closed at $83.17 yesterday.
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