MasterCard (MA) PT Lifted to $104 at Piper Jaffray

Piper Jaffray analyst Jason Deleeuw reiterated an Overweight rating and boosted his price target on MasterCard (NYSE: MA) to $104.00 (from $102.00) noting FX impacts but strong local currency trends.

Deleeuw commented, "MA reported strong 1Q local currency trends, reflecting the underlying secular strength of its business despite continued mixed global economic trends. FX headwinds remain formidable to reported results, however, driving our ‘15/’16 EPS estimates from $3.46/ $4.15 to $3.38/$4.00. Aside from the 1Q results, there are a number of recent events that we believe clearly raise the long-term value of the MA franchise (EU unbundling of assessments/processing, China, declining disintermediation risks, mobile). Therefore, we raise our price target from $102 to $104 based on 26x (previous 24.5x) our 2016 EPS estimate."

For an analyst ratings summary and ratings history on MasterCard click here. For more ratings news on MasterCard click here.

Shares of MasterCard closed at $90.25 yesterday.

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