Citi Initiates Coverage on MasterCard (MA) with a Sell; Prefers Visa (V) Over American Express (AXP)
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Citi initiates coverage on MasterCard (NYSE: MA) with a Sell and initiates coverage on Visa (NYSE: V) with a Hold, citing decelerating consumer spending due to the global recession.
Citi analyst says, "While we are positive on the business models longer term, we believe the companies will face headwinds from decelerating consumer spending due to the global recession and deleveraging by the U.S. consumer. U.S. and European spending is weak, cross-border travel is off, and our banking contacts confirm that growth in Asia/Latin America is now slowing...We recommend investors overweight V and underweight American Express (NYSE: AXP) (Sell rated), on lack of credit exposure at V. We prefer V over MA."
Citi issues $110 price target on MA and $46 on V.
MasterCard Incorporated (MasterCard) is a global payment solutions company that provides a variety of services in support of the credit, deposit access (debit), electronic cash and automated teller machine (ATM) payment card programs, travelers check programs and related payment programs of over 25,000 financial institutions that are its customers. [SM]
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