UPDATE: Stifel Nicolaus Raises PT on Visa Following 3Q13 Results Report

1. In a report published Thursday, Stifel Nicolaus analyst Christopher Brendler reiterated a Buy rating on Visa V, and raised the price target from $205.00 to $217.00.

In the report, Stifel Nicolaus noted, “In our view, Visa's 3Q13 results were outstanding with accelerating volume driving strong revenue growth and impressive operating leverage. While regulatory risk may never fully subside, we believe the current risks to Visa's franchise are still falling as Durbin is now clearly in the rearview mirror and litigation no longer a material risk. With less exposure to European regulation and improving fundamentals, we find ourselves increasingly bullish on Visa over MA despite the premium valuation. As such, we reiterate our Buy rating and raise our target price to $217 based on 22x our calendar 2014 EPS estimate.”

Visa closed on Wednesday at $186.75.