Visa (V) Spending Index Hits New Record, Implies Upside for Q4 - Morgan Stanley
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Morgan Stanley analyst James Faucette reiterated an Overweight rating and $280.00 price target on Visa (NYSE: V) noting that Visa's US Spending Momentum Index (SMI) came in at 108.1 for December, and 110.3 for C4Q, the highest readings for those periods since the start of the index. The update suggests that US consumer spending ended the year on a strong note, as more consumers were spending more than they did in C4Q last year.
The analyst stated "The new SMI data, in conjunction with Visa' previous update showing October-November US spending up 23%, suggests upside to current street estimates for C4Q US volumes. However, depending on the rate of growth deceleration in December, upside could be modest. Our estimates for Visa's US spending growth stand at 15% for the Dec quarter, compared to current
consensus for 20%."
Shares of Visa closed at $215.00 yesterday.
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