UPDATE: Stifel Nicolaus Lowers PT to $527 on MasterCard on Decelerating Topline

Stifel Nicolaus reiterated its Buy rating ton MasterCard

but lowered its price target from $540 to $527. Stifel Nicolaus commented, "In our view, despite not getting the pop we expected from a recent price increase, we found 3Q12 results to be encouraging, given a stronger volume outlook and lower expenses. Although top-line growth has decelerated, the F/X headwinds are abating, and we expect stronger revenue growth in 2013. As such, despite lowering our expectations for lackluster pricing impact, we remain well above the Street and believe the litigation settlement will drive additional multiple expansion. As such, we reiterate our Buy rating, with a $527 target price based on 20x our 2013 EPS estimates." MasterCard closed at $460.93 on Wednesday.