Deutsche Bank increases its price target from $465 to $515 on Buy-rated MasterCard MA on a quarterly upside from solid business metrics.
Jefferies notes, "MA reported revs of $1,758m (17% Y/Y, 19% cc) and EPS of $5.36, both
higher than our $1,724m (14.9% Y/Y) and $5.22 respective est on solid business metrics and
pricing benefits (+3% to revenue growth). MA expects headwinds for the rest of the year due to
lapping of price increases, timing of deals, and anniversary of the Travelex acquisition.
Positively, MA won PIN debit deals with the three of the largest debit issuers in the US due to
the Durbin Amendment and continues to gain share in Europe due to SEPA. Due to the EPS
beat, we are raising our FY12 and FY13 EPS by $0.14 to $22.01 and $25.86 respectively."
MA closed at $451.45 on Wednesday.
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