Stifel Nicolaus increases its price target on Buy-rated Visa V from $126 to $131 as the company appears ready to face intensifying Durbin headwinds.
Stifel Nicolaus says, "In our view, Visa's excellent 2Q12 results were overshadowed by renewed
concerns over the Durbin Amendment as PIN debit market share is falling much more than expected and the DOJ is challenging Visa's mitigation efforts. While this will likely weigh on sentiment in the near-term, we believe Visa is well positioned to meet the challenges due to (1) broad strength across the rest of the business, (2) low-margin PIN debit's relatively small revenue impact, and (3) powerful mitigation strategies including the FANF and VisaNet PIN."
V closed at $122.19 on Wednesday.
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