Visa (V) PT Raised to $222 at Guggenheim as Payment Volumes Positively Surprise

Guggenheim analyst Jeff Cantwell raised the price target on Visa (NYSE: V) to $222.00 (from $194.00) after the company reported a slight miss for F1Q EPS. The company reported $1.46 vs. expectations for $1.48 due to higher than expected operating expense. That said, payment volume increased by a healthy 8% YoY and was above expectations.

The analyst reiterated the Buy rating, stating "our '20 outlook is being impacted by V's update on client incentives (now expected to be toward the high end of 22.5%-23.5%); we see some offsets, but net-net we're revising our '20E EPS down by 1%. Looking ahead, we highlight V's upcoming Investor Day on 2/11, where V will likely discuss its expanding network of networks and key growth drivers like Visa Direct. Bottom line: we continue to expect strong EPS generation TTC".

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