UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on MasterCard Following Investor Day

In a report published Thursday, Oppenheimer analyst Glenn Greene reiterated an Outperform rating on

, and raised the price target from $640.00 to $675.00. In the report, Oppenheimer noted, “At its Investor Day, MA reiterated its primary growth strategies and affirmed its long-term outlook for 2013-2015. MA anticipates an 11-14% constant currency (CC) revenue CAGR through 2015, and a CC EPS CAGR of 20%+. To date, results are tracking toward expectations with FY13 results expected toward the low end of the three-year range. MA anticipates FY14/15 to accelerate as the macro environment gradually improves. MA provided encouraging intra-quarter trends through August and experienced modest, albeit broad-based, acceleration relative to July. MA sees modest improvement in domestic consumer credit while commercial credit, domestic debit and rest-of-world volumes remain solid. We tweak estimates higher to reflect intra-quarter trends, maintain Outperform rating and raise our PT to $675 (from $640).” MasterCard closed on Wednesday at $658.46.