UPDATE: Goldman Sachs Upgrades Visa to Conviction Buy on Secular Transaction Growth
Goldman Sachs upgraded Visa (NYSE: V) from Buy to Conviction Buy and raised the price target from $160 to $188.00.
Goldman Sachs commented, "Our high conviction on V shares is two pronged and centers on (1) the under-appreciated growth contribution from international and online and mobile commerce (E/M commerce) expected to add to its long-term transaction volume growth; a revenue driver that is now explicitly factored into our revised estimates based on number of cardholders and monthly usage assumptions; and (2) its significant potential for increased capital allocation with annual free cash flow of $5 bn+ through our forecast period, V's options are significant and should add another turn to valuation of the shares."
Visa closed at $159.36 on Tuesday.
Latest Ratings for V
|Sep 2015||Cowen & Company||Initiates Coverage on||Outperform|
|Aug 2015||JP Morgan||Maintains||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.