Oppenheimer Reiterates $100 Target On Visa (V)
Oppenheimer & Co. is reiterating its Outperform and $100 price target on Visa (NYSE: V).
In a note sent to clients Oppenheimer writes, "Following our recent investor meetings with management, we remain confident that Visa will navigate the evolving regulatory environment and is positioned for strong and sustainable long-term earnings growth. V appears to have very limited clarity regarding the upcoming Fed disclosures on 12/16/10 but remains confident it can effectively manage any scenario. The "exclusivity" provisions provide the greatest
uncertainty but appear highly manageable if limited to PIN debit (only 5% of revenue). Management is encouraged about recent volume trends and appears highly confident in its FY11 outlook. We reiterate our Outperform rating and $100 price target."
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