UPDATE: Oppenheimer Raises PT to $170 on Visa Following Meeting with Management
Oppenheimer reiterated its Outperform rating on Visa (NYSE: V) and raised its price target from $150 to $170.
Oppenheimer noted, "We recently marketed with Visa management. Notably, the new CEO has hit the ground running and the transition appears relatively seamless. V attributes much of its strong relative US credit growth to outsized spending by the affluent, and V's strong share of issuer's affluent portfolios. V's mobile strategy appears largely evolutionary and intended to further spur ecommerce, and maintain V's high share as mobile commerce evolves. Encouragingly, the US regulatory and legal climate appears stable."
Visa closed at $147.88 on Wednesday.
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