Piper Jaffray analyst Jason Deleeuw reiterated his Overweight rating and boosted his price target on Visa (NYSE: V) to $85.00 (from $80.00) following strong Q3 results.

Deleeuw commented, "Visa beat consensus revenue by nearly 5% and delivered adjusted EPS of $0.74 or $0.62 ex the tax benefit vs. PJC and consensus at $0.58. Visa continues to face significant FX translation/cross-border volume growth/gas price headwinds, but pricing and execution on growth initiatives drove better-than-expected FY 3Q results. Separately, Visa is targeting to resolve the Visa Europe acquisition discussions by the end of October, which we previously estimated could drive 2-3% of annualized EPS accretion (3.5%-4.5% accretion with revenue synergies). We increase our FY ‘15/’16 EPS estimates from $2.59/ $2.99 to $2.62/$3.00. We raise our PT from $80 to $85 using a 27.0x (previously 26.0x) on our CY ’16 EPS estimate of $3.13, as we have increased confidence in an accretive Visa Europe acquisition."

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Shares of Visa closed at $71.75 yesterday.