Oppenheimer Reiterates an 'Outperform' on Visa (V); Raising Numbers as Trends Accelerate
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Price: $178.19 -1.08%
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 20 | New: 29
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 20 | New: 29
Trade V Now!
Oppenheimer reiterates an 'Outperform' on Visa (NYSE: V) price target of $150.00 (from $140.00).
Analyst, Glenn Greene, said, "V's intra-quarter volume update for July/August is encouraging. August volumes indicate a meaningful acceleration in both US credit volume and cross-border volume, which suggests building quarterly momentum. August volume partially benefited from mix of days, however. Also, US debit volumes continue to gradually improve (-6% in August vs. -8% in July), which could suggest V's pricing efforts in response to Durbin are proving successful. Somewhat counter to recent travel trends cross-border volume growth remains very healthy, and accelerated in August to 13% Y/Y (vs. 9% in July). Reflecting more moderate advertising expenses, higher Service yield, and intra-quarter volumes, we raise our FY12/FY13 estimates." (FY12 from $6.08 to $6.18 and FY13 from $7.12 to $7.26)
For an analyst ratings summary and ratings history on Visa click here. For more ratings news on Visa click here.
Shares of Visa closed at $131.49 yesterday, with a 52 week range of $81.71-$132.58.
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Analyst, Glenn Greene, said, "V's intra-quarter volume update for July/August is encouraging. August volumes indicate a meaningful acceleration in both US credit volume and cross-border volume, which suggests building quarterly momentum. August volume partially benefited from mix of days, however. Also, US debit volumes continue to gradually improve (-6% in August vs. -8% in July), which could suggest V's pricing efforts in response to Durbin are proving successful. Somewhat counter to recent travel trends cross-border volume growth remains very healthy, and accelerated in August to 13% Y/Y (vs. 9% in July). Reflecting more moderate advertising expenses, higher Service yield, and intra-quarter volumes, we raise our FY12/FY13 estimates." (FY12 from $6.08 to $6.18 and FY13 from $7.12 to $7.26)
For an analyst ratings summary and ratings history on Visa click here. For more ratings news on Visa click here.
Shares of Visa closed at $131.49 yesterday, with a 52 week range of $81.71-$132.58.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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