UPDATE: Deutsche Bank Raises PT to 515 on MasterCard; Solid Quarter
Deutsche Bank increases its price target from $465 to $515 on Buy-rated MasterCard (NYSE: 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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