UPDATE: Stifel Nicolaus Raises PT to $187 on Visa Following FQ1 Results
Stifel Nicolaus reiterated its Buy rating on Visa (NYSE: V) and raised the price target from $185.00 to $187.00.
Stifel Nicolaus noted, "In our view, Visa delivered slightly better-than-expected 1Q results once again thanks to lower rebates and expenses. Although these contra-revenues can typically be lumpy, top line trends proved resilient and we see potential upside in volume/revenues as the global economy stabilizes. As such, we are raising our estimates slightly and our target price increases to $187 and remains based on 20x calendar 2014E EPS. We reiterate our Buy rating based on our view that multiple expansion is still likely given falling litigation/regulation risks and powerful secular growth."
Visa closed at $160.82 on Wednesday.
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