Jefferies Remains Bullish as Visa (V) Announces CEO Resignation
Jefferies reiterated a Buy rating and $93.00 price target on Visa (NYSE: V) following the company's announcement that CEO Charlie Scharf is resigning. Mr. Scharf is being replaced by Board member Alfred Kelly, a former AXP executive. Mr. Scharf has decided to resign as CEO because he can longer spend enough time in San Francisco to sufficiently perform the CEO duties, and needs to spend more time with his family on the East Coast.
Analyst Jason Kupferberg commented, "Earlier, V announced that CEO Charlie Scharf is resigning as of Dec. 1, due to personal reasons which no longer enable him to spend sufficient time at V's headquarters in San Francisco. Mr. Scharf is being replaced by Board member Alfred Kelly, a former AXP executive. This announcement is surprising, but V's rock-solid business model and deep management bench should be mitigating factors."
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Shares of Visa closed at $82.15 yesterday.