Visa (V) PT Trimmed to $93 at Stifel With Initial 2017 Guidance a Touch Light
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Stifel analyst Christopher Brendler maintained a Buy rating on Visa (NYSE: V) following 'solid' q4 results but trimmed his price target to $93.00 (from $94.00) with initial 2017 guidance a touch light.
Brendler commented, "In our view, Visa is benefiting from multiple tailwinds including major contract wins, currency, pricing and now Visa Europe. Although initial 2017 guidance came in a touch below expectations, we see conservatism in the face of solid underlying fundamentals especially cross-border volume growth. As such, while we are reducing estimates slightly, we remain confident that Visa Europe will deliver material upside to EPS, just not this year. With tailwinds helping bridge the gap, we reiterate our Buy rating and $93 target price still based on 27x our 2017E."
Shares of Visa closed at $83.17 yesterday.
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