Visa (V) PT Lowered to $280 at Morgan Stanley on Delayed Int'l Travel Recovery
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Morgan Stanley analyst James Faucette lowered the price target on Visa (NYSE: V) to $280.00 (from $282.00) while maintaining a Overweight rating.
The analyst stated "Our estimates for international transaction fee revenue came down to $8,236M (vs. $8,697M prior) as the travel recovery outlook gets pushed out to 2023. Meanwhile, estimates for service fees and data processing revenues were increased to adjust for strong domestic volume trends. We increased operating expense growth to 11.7% (from 7.1%) to derive an Adj. EPS of $6.98 (vs. $7.01 prior). For 2023, we raised our net revenue forecast to $31,364M (from $31,146M) and increased operating expense growth to 7% (from 5.3%) to get an Adj. EPS estimate of $8.19 (vs. $8.25 prior)."
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