UPDATE: Sterne Agee Downgrades Visa to Neutral on Limited Upside

In a report published Friday, Sterne Agee analyst Greg Smith downgraded the rating on Visa

from Buy to Neutral. In the report, Smith noted, “We are downgrading Visa to Neutral from Buy as there is now limited upside relative to our prior $175 price target. We now view the shares as fairly valued and expect the shares to perform in line with the S&P 500 over the coming months. Our positive fundamental view on Visa remains unchanged as we still view the stock as the single best long-term way to play the secular growth in electronic payments. With that said, headline risks are incrementally more of a concern now.” Visa closed on Thursday at $167.62.