UPDATE: Stifel Nicolaus Raises PT to $156 on Visa on Solid Q4

Stifel Nicolaus reiterated its Buy rating on Visa (NYSE: V) and increased its price target from $150 to $156.

Stifel Nicolaus said, "In our view, Visa delivered better-than-expected core 4Q results thanks to lower rebates and expenses. Although these can typically be lumpy, top line trends proved resilient as spending remained solid and Durbin mitigation efforts appear to be paying off. With initial 2013 guidance better than expected and a key near-term catalyst in litigation settlement, we reiterate our Buy rating and increase our target price to $156 which is still based on 20x calendar 2013E EPS."

Coherent closed at $138.76 on Wednesday.

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