Goldman Sachs Raises PT on Visa to $85 (V)

Goldman Sachs is out with its report today on Visa V, raising its price target from $84 to $85 on higher estimates. In its report, Goldman Sachs states, "Following reported FY1Q results, we reiterate our Buy rating on the shares consistent with our view that V is well-positioned to weather current regulatory headwinds on debit interchange given its scale, the global growth of credit and debit products, and opportunities in emerging payments including mobile technologies. Principally reflecting the EPS benefits from its aggressive $1.1 bn buyback in FY1Q, we raise our EPS estimates. We raise our FY11 EPS by $0.03 to $4.98, FY12 was raised by $0.08 to $5.79, and FY13 was raised by $0.10 to $6.72. Reflecting our higher estimates we raised our and 12-month PT to $85 (from $84), 18% upside." Shares of V are trading pre-market at $71.42, down 0.93% from Wednesday's close.