) reported better than expected earnings per share and revenue in its fourth quarter report. Fandetti notes that MasterCard's net revenue was up 11 percent year over year, excluding three points of acquisition impact as its revenue was boosted by a slightly lower rebate at 27.9 percent of gross revenues versus an expected 28.5 percent. Also, high margin cross border volumes improved to 18.6 percent from 14.7 percent last quarter and processed transactions came in at 11.5 percent year over from 9.7 percent last quarter. MasterCard's 2015 net revenue growth guidance of a mid-single digit year over year includes a four to point headwind. In addition, the tax rate of 28 percent that the company expects is lower than the 31 percent to 32 percent Fandetti projected. “MasterCard was able to pull another lever (i.e much lower tax rate) to partially offset five points of top-line foreign exchange headwind in 2015,” Fandetti wrote. However, the analyst adds that he is lowering his fiscal 2015 and fiscal 2016 earnings per share estimates by three percent to four percent to $3.45 and $4.10 respectively, reflecting foreign exchange headwinds and “more choppy global spend.” Shares are Buy rated with a price target lowered to $94 from a previous $98.