Bank of America Reinstates Buy, $430 Target on MasterCard

Bank of America reinstates coverage with a Buy rating and $430 target price on MasterCard Inc. (NYSE: MA) on a fresh view on the company's secular growth.

BofA says, “We think MA's strong business momentum will continue, albeit at a more moderate pace, driven by secular payment volume growth, share gains and modest global economic growth. We anticipate MA to continue to generate attractive 18-20% EPS growth in this backdrop, leveraging is scalable platform, which we think will propel MA shares higher.”

MA closes at $374.35 per share on Wednesday.