UPDATE: Stifel Nicolaus Raises Target to $125 on Visa

Stifel Nicolaus reiterates its Buy rating on Visa

and increases its price target to $125 from $109 a share as sector-relevant update regarding exclusivity and litigation provides upside to shares. Stifel Nicolaus says, "Although Visa shares recently hit a new all-time high, we believe MasterCard's (MA-$392.91-Buy) positive commentary on interchange litigation potentially removes a major overhang on both stocks. Coupled with optimism on Durbin, we believe Visa shares can continue to outperform as investors can finally refocus on the powerful secular growth and robust FCF. As such, although spending recently decelerated and F/X has become a headwind, we still see considerable upside potential. Our new target price is $125 based on 17.5x our new calendar 2013E." V closed at $106.98 a share yesterday.